Copying and distributing are prohibited without permission of the publisher
Xstrata posts 30% drop in earnings; merger with Glencore delayed again
March 05, 2013 - 10:35 GMT
Mining company Xstrata reported a 30% year-on-year drop in core earnings in 2012, hurt by lower commodity prices and stronger currencies.
"Our businesses faced difficult operating conditions during
the year, as the combined impact of falling commodity prices,
ongoing inflationary pressure on operating costs and continued
strong producer currencies relative to the US dollar put
pressure on our margins," ceo Mick Davis said. Earnings before
interest, taxation, depreciation and amortisation (Ebitda),
excluding exceptional items, stood at $8.12 billion, from
$11.68 billion in 2011, the company announced.
Xstrata’s 2012 Ebitda excluded exceptional items
of $2.6 billion. The $2.6-billion charges included writedown on
Xstrata’s investment in Lonmin ($840 million),
and the writedowns on the Brunswick zinc mine in Canada
and the Cosmos nickel mine in...
All material subject to strictly enforced copyright laws. ©
Euromoney Institutional Investor PLC.
Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.
If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.
A standard subscription include one year's worth of news and prices. You can also upgrade to a premium subscription and benefit from more than 17 years of intelligence plus access to MB Company Data.
Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.