Anglo American said it will retain its 45% interest in diamond producer De Beers.

Speaking to South Africa’s Talk Radio 702, Anglo chief executive Cynthia Carroll said she was happy with the company’s stake for now.

Anglo, which hired a new chairman in August during an acquisition approach, decided to undergo restructuring that will eliminate 25% of its staff overheads and save the company $120m a year.

Anglo said it will establish seven decentralised business units as part of its restructuring plans.

The company earlier said it would sell its road materials unit Tarmac but has halted all efforts due to frail markets.