Global mining company to shed 85,000 jobs

Global mining giant Anglo American plans to cut 85,000 jobs as it sells off 60 percent of its assets over the next few years.

The company also announced it would suspend dividend payments for the rest of this year and in all of 2016. It also plans to slash capital expenditure and other costs.

"The severity of commodity price deterioration requires bolder action," Anglo American CEO Mark Cutifani said in a statement.

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