"Our focus has been to prioritise capital to projects with the highest value and lowest risks within our portfolio, and reduce the capital required to sustain such projects during the pre-approval phases of development as part of a more effective, value-driven capital allocation model." Anglo said it would record a $300-million charge after taxes on December 31. Cutifani, who took over from former head Cynthia Carroll in April, has vowed to cut costs and boost Anglo's profitability, which has taken a hit from falling commodity prices and violent strikes that swept key mining hub South Africa last year. Anglo American's net profits fell 68 percent in the first half of 2013, to $403 million. The Pebble Mine project has caused controversy in the United States, where opponents argue it could jeopardise the pristine environment of the country's biggest salmon fishery.