Anglo American to Cut 19,000 Jobs

Updated from 3:24 a.m. EST

LONDON -- Mining company Anglo American PLC (AAUK Quote) plans to cut 19,000 jobs this year and suspend dividend payments after reporting a 29% drop in 2008 profit.

The company said it hoped to cut the jobs -- 10% of its managed work force --through layoffs, natural attrition and scaling back contractor arrangements.

The move comes as market conditions deteriorated dramatically in the second half of 2008, the company said. Of the $5.2 billion it earned in 2008, $4.3 billion came in the first half. In 2007 it earned $7.3 billion. ...