Anglo American chairman John Parker to step down

Senior independent director Philip Hampton will now lead a process to identify candidates with appropriate global listed company boardroom experience and Parker will continue to chair the board until a successor is found.

Parker said: "Having seen Anglo American emerge in a strong position from the mining industry downturn, with its sharp falls in commodity prices between 2014 and 2016, I believe that the time is now right for the board to seek my successor during the course of 2017. The company, with its much-restored balance sheet and a world class board and management team, led by our chief executive Mark Cutifani, is well placed for the future.

"Chairing Anglo American has been an enormous privilege and it has also appealed to my close interest in engineering, technology and corporate turnarounds. The ability of companies to adapt, innovate and think creatively about the role they can play in society is a key ingredient of long term competitive advantage. These are qualities at the heart of Anglo American's DNA."

At 1233 GMT, the shares were down 0.7% to 1,399p.