Since Australian Mark Cutifani took over as CEO of the London-based miner last year, the company has been aiming for a 15% return on capital employed (ROCE) by 2016.

Based on commodity prices from mid-2013, the company is on track to achieve that goal by generating an additional $US4 billion in earnings before interest and tax.

However, metal prices are lower now and the outlook is flat.

"Current market consensus prices for 2016 lead us to a 12% ROCE in 2016 and we are intensifying our efforts to identify the implied additional $2 billion of EBIT necessary to increase ROCE to 15%," Cutifani told the company's investor day.

Divestments are part of the company's plan, with several South African platinum mines up for sale.

The Callide and Dartbrook coal mines in Australia are for sale and Anglo will consider the divestment of further Australian and South African coal assets.

"We must be disciplined with our deployment of physical and financial resources to focus on those assets that will provide us with the greatest returns and potential upside," Cutifani said.

"We have identified, through our review process, a number of assets that are likely to deliver greater value under different ownership, enabling us to concentrate our resources on our most attractive priority assets.

"A number of sales processes are under way, however our value hurdles will need to be met prior to divestment."

Anglo plans to reduce its headcount by around 162,000 currently to around 102,000 by 2017.

In conjunction, the company is aiming for an 80% improvement in productivity, despite 35% fewer people.

Anglo has reduced its capital expenditure guidance by $500-800 million this year and by up $1 billion next year to $5.2-5.5 billion.

"We will see a significant reduction in committed capex post-2015, leading to greater capital flexibility, as our projects in execution are completed and contribute to an expected 5-7% annual copper equivalent production growth rate between 2014 and 2017," Cutifani said.

Net debt is expected to peak at $13.5-14 billion next year but the company is targeting a long-term net debt range of $10-12 billion and the aim is to fund dividends from cashflow from 2016.

Cutifani said the company would consider brownfields developments and pursue a syndication approach for major greenfields developments.

The company's $8.8 billion Minas-Rio iron ore project in Brazil achieved first ore on ship in October.

"We are clear about the asset's potential and the differentiated nature of its high quality product and we are ramping up to 26.5Mtpa over the next 18-20 months to an expected steady state operating cost of $33-35 per wet metric tonne," Cutifani said.

Cutifani said 71% of its priority assets were now performing above plan versus 21% in 2012.

"Our mining operations are the engine of our business and there is more improvement ahead, as we continue to build the capability to achieve a higher standard of performance," he said.

"We are adapting and delivering."