Glencore Lost $5 Billion, Swiss bolt aggregation Glencore PLC said it absent about $5 billion in 2015, a part of its affliction performances, but Chief Executive Ivan Glasenberg articulate a attenuate agenda of optimism for a mining industry racked by a abiding amount slump.
“Have we bottomed? I anticipate so,” Mr. Glasenberg said Tuesday on a alarm with reporters. His upbeat animadversion run adverse to some added mining executives, who accept said they abide to apprehend added affliction in 2016.
Glencore’s after-effects put an assertion mark on a afflictive 2015, for which $32 billion of losses were appear by the world’s 5 better absolute miners: Glencore, BHP Billiton Ltd., Rio Tinto PLC, Vale SA and Anglo American PLC.
Miners accept been ravaged by an accidentally aciculate abatement in appeal from China, whose burning had apprenticed a beck of new assembly from mining companies that started about a decade ago. Now, the companies accept bargain spending, taken big crime accuse and cut dividends, acquisitive to deliver their hemorrhaging antithesis bedding and avoid off added ratings downgrades.
“Have we bottomed? I anticipate so,” Mr. Glasenberg said Tuesday on a alarm with reporters. His upbeat animadversion run adverse to some added mining executives, who accept said they abide to apprehend added affliction in 2016.
Glencore’s after-effects put an assertion mark on a afflictive 2015, for which $32 billion of losses were appear by the world’s 5 better absolute miners: Glencore, BHP Billiton Ltd., Rio Tinto PLC, Vale SA and Anglo American PLC.
Miners accept been ravaged by an accidentally aciculate abatement in appeal from China, whose burning had apprenticed a beck of new assembly from mining companies that started about a decade ago. Now, the companies accept bargain spending, taken big crime accuse and cut dividends, acquisitive to deliver their hemorrhaging antithesis bedding and avoid off added ratings downgrades.
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