London based Glencore PLC swung to a steep, first half-year loss, hit by sharp price falls in the raw materials it extracts and lower profit from the trading business that was supposed to cushion it against such a commodities-market rout.
The world’s third-largest globally diversified miner by market capitalization on Wednesday reported a net loss of $676 million in the six months to end-June–missing analysts’ expectations for a net profit of around $728 million–compared with net profit of $1.72 billion in the same period last year.
Read the full story at Morning Star by Alex MacDonald
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Glencore
Mining giant Glencore’s chief Ivan
Glasenberg has announced the company
is cutting its national production by 15
million tons, Australian ABC reported.
Glasenberg said the company’s balance
sheet is More…
Glencore CEO Ivan Glasenberg made no
bones about the fact that he thinks oil will
recover in 2015. He told the Financial Times
that the commodity will “blow out the lights”
in 2015, after a year which More…
Diversified mining company Glencore is
considering the closure of some of its
coal-mining operations in South Africa,
which would reduce its overall South African
production by at least five-million saleable
tons More…
A multibillion-dollar merger between
commodities conglomerate Glencore and
mining giant Rio Tinto may take place this
year as Glencore’s CEO is pushing for the deal,
a report said. A Glencore-Rio tie-up would More…
– Glencore CEO Ivan Glasenberg might be ready
to make another bid for Rio Tinto, but it may
be Chinese investors who will call the shots if
the merger goes through, according to FNArena
News. Glencore, the fourth More…
A U.K-based hedge fund manager Ian Hannam,
said Glencore’s buying Rio Tinto is very likely
to happen. Ivan Glasenberg has made Glencore
into an international mining behemoth, and if it
merges with More…
Glencore CEO Ivan Glasenberg executed the
highly successful acquisition of Xstrata, and
many wonder what he is going to buy next.
While competitors are having to trim the fat,
Glencore is flush with cash and can More…
Mark Cutifani, CEO of Anglo-American, said
he is willing to sell the DeBeers segment of his
business, but Swiss-based Glencore doesn’t want
to buy it. DeBeers is the second largest diamond
miner More…
