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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...
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Euromoney Institutional Investor PLC.
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