LONDON, Dec 8 Reuters Global miner Anglo American aims to cut capital expenditure by 1.8 billion by 2026, it said on Friday, as it grapples with a fall in demand for most of the metals it mines and a huge writedown for its British fertiliser project.

Anglo39;s share price opened 4.2 lower, making the global miner the biggest loser on the FTSE 100.

The Londonlisted miner, which had already targeted saving 500 million by cutting corporate jobs and some costs including at head offices in Johannesburg and London, aims to cut an additional 500 million by 2024.

In the near term, given continuing elevated macro volatility, we are being deliberate in reducing our costs and prioritising our capital to drive more profitable production on a sustainable basis, Chief Executive Duncan Wanblad said in a statement.

Sources familiar with the matter told Reuters on Thursday that Anglo was preparing sweeping cost cuts.

Global economic weakness has lowered the demand outlook for some metals.

Peers Antofagasta and Glencore for example cut production guidance for copper and nickel respectively this year.

Anglo American said on Friday it will reduce production at its South African unit Kumba Iron Ore, where stockpiles had grown to 9 million metric tons by September following worsening rail bottlenecks.

Its costcutting measures also include focusing on highermargin production for its platinum group metals PGMs operations in South Africa and putting two processing plants at its Los…