Anglo American will fire more than 2,700 white-collar employees over the next six months in a move it says will save the company $120m a year.

Anglo is also looking to garner $10bn by divesting assets.

The declared job cutbacks are in addition to the 15,000 employees cut by the company as part of its reduction measures in response to financial crisis.

Anglo said that assets announced for sale provided $1.2bn or 11% of total earnings in 2008, according to Times Online.