Anglo American would sell more assets, suspend dividends until the end of next year and whittle down its business divisions to three from six in the face of severe commodity price falls, the mining company said yesterday. The overhaul of its business highlights the scale of the commodity slump's impact on the mining sector.Anglo - the world's fifth-biggest diversified global mining group by market value - said it would cut its assets by 60% and reduce its workforce to 50000 from 135000, the deepest job cuts announced in the sector since the crisis began.The London-listed company will form three divisions: De Beers for diamonds, Industrial Metals for platinum and base metals and Bulk Commodities for coal and iron ore.It also aims to raise $4-billion (about R60-billion) through assets sales, up from an earlier target of $3-billion, and said it would press ahead with the sale of its phosphates and niobium businesses."You could maybe get even over a billion for those. They've got higher multiples - but the question is: 'What do you actually get paid for it today?'" a banker for the mining sector said.The company - which also plans to sell some coal assets in Australia and South Africa and close loss-making mines - said it had secured $2-billion in assets sales so far."While we have continued to deliver our business restructuring and performance objectives across the board, the severity of commodity price deterioration requires bolder action," Anglo CEO Mark Cutifani said.The share price was down 8.3% at midday yesterday after Anglo suspended dividends...