Gloss has gone off giant conglomerate Anglo American

Even for a company that once had the global monopoly on diamond production during almost a century of all but constant expansion, the collapse in commodities prices is proving too much.

Anglo American, a conglomerate spanning everything from brewing, publishing and gold mining during its peak in the early 1990s, will shrink beyond recognition after CEO Mark Cutifani announced an eye-watering package of asset sales, mine closures and job cuts.

Among the potential casualties is Minas Rio, a Brazilian iron-ore mine where spiralling costs and collapsing prices turned a $14 billion (€12.88bn) project into the epitome of the company’s predicament.