Xstrata profits slump as commodity prices decline
Xstrata, the mining giant that is pursuing a £57bn mega-merger with Glencore, yesterday reported a 42 per cent tumble in first-half profits as commodity prices fell sharply.
The FTSE 100 company said operating profits came were $2.45bn (£1.57bn) against $4.24bn last time, as sales slipped by 7 per cent to $15.6bn. The group suffered as prices of nickel, copper and iron fell amid concerns about the outlook for the global economy, while it was hit further by a reduction in copper production as it makes the transition from declining, older mines to newer ones with longer-term potential.
The fall in profit was smaller than forecast.
Have shock jocks gone too far after Rush Limbaugh called Sandra Fluke a slut?
Former Google exec says he has 100,000 emails showing how 'immoral' company avoids paying UK tax
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
World news in pictures
Briton confesses to slitting his two children's throats in Lyon flat
- 1 Asteroid nine times the size of the QE2 liner to sail pass Earth
- 2 Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
- 3 British business: We need to stay in the European Union - or risk losing up to £92bn a year
- 4 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...
To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...
£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...