Anglo American is facing political opposition over plans to slash spending on a multibillion-pound mining project in the north of England — a crucial move by boss Duncan Wanblad to fend off a £39bn takeover bid by BHP. Opposition to the radical restructuring plan involving spending cuts on Anglo’s £7bn Woodsmith fertiliser mine in Whitby, North Yorkshire, comes just a day after the collapse of the BHP bid.
The mining company has invested about $3bn in the project. This will be reduced to $200mn in 2025 and $100mn in 2026, which will lead to job losses, Anglo said. But it will “absolutely also be protecting and maintaining the project in its entirety so that we are in a position to accelerate again as soon as we can”. Local politicians are unconvinced. “If contractors are demobilised and staff are laid off then the project may never be restarted,” said Jacob Young, the Conservative MP for Redcar.
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