Global mining giant Anglo American on Tuesday announced a "radical" restructuring of its company, writing off billions of dollars in the process, as commodity prices crash on world markets.

"While we have continued to deliver our business restructuring and performance objectives across the board, the severity of commodity price deterioration requires bolder action," chief executive Mark Cutifani said in a statement, alongside news of impairments totalling between $3.7 billion and $4.7 billion (3.4 billion euros and 4.3 billion euros).