High hopes for first Glencore results
The new powerhouse of world mining, Glencore Xstrata, will unveil its first set of half-year results next week with analysts expecting bumper profits approaching $6bn (£3.8bn).
The wheat trading-to-nickel mining empire was only formed in May after a long campaign by Ivan Glasenbergto buy back Xstrata over a decade after Glencore had spun it as a collection of coal assets. However, the market is already expecting great things following strong production figures earlier this month, particularly in the key copper unit that saw output rise by 20 per cent.
Analysts at Deutsche Bank said: "We expect Glencore Xstrata to confirm the integration is progressing well, with refinancing largely done, material divestments under way and the board strengthened." Investors will scrutinise cost savings from the merger, which could ultimately top $1bn.
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