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Anglo American to consolidate, sell more assets, suspend dividends

Mining group Anglo American announced restructuring steps on Tuesday including plans to consolidate into three business units from six, sell more assets and suspend dividends for the second half of this year.

Anglo said it will be consolidating its six business unit structures into three - De Beers, Industrial Metals and Bulk Commodities.

"Upon resumption, (our dividend) policy will change to pay-out ratio to provide flexibility through the cycle and clarity for shareholders," the company said in a statement.

The fifth-biggest diversified global mining group by market value, Anglo is grappling with sliding commodity prices including iron ore, platinum and diamonds.