Australian mining executive Mark Cutifani, a one-time coal miner, has been appointed chief executive of Anglo American, taking on what analysts and investors say is one of the toughest jobs in the business.

Mr Cutifani, who will step down as chief executive of Johannesburg-based AngloGold in March, had been one of several outsiders in the running for the top job at Anglo after Cynthia Carroll quit in October. He was named as a frontrunner over the weekend.

Shares in Anglo, which have underperformed the sector by almost 20 per cent since the start of last year due to strikes, delays and cost overruns, were up more than 2 per cent in both London and Johannesburg as investors welcomed a move many hope will herald a review of its underperforming assets and a restructuring of the portfolio.