Anglo American Restructuring Slumps Helps Some Hedge Funds

Anglo American held an investor day on Tuesday to outline its new business strategy, designed to help the miner navigate weak commodity markets. The company announced a dramatic restructuring plan, which will see the group shrink its portfolio of assets by around 60% and shed 85,000 jobs, taking up to $4.7 billion in charges to shut, mothball or dispose of mines that are losing money. To save cash, the group also announced that it was also suspending its dividend through 2016 and would restart the payout during 2017. Cost and productivity savings are expected to save the group $2.1 billion in…