Glencore Seeks to Dig Itself Out of Debt Hole
Glencore Plc, the miner and commodity trader run by billionaire Ivan Glasenberg, reported a 66 percent drop in first-half profit on lower raw-materials prices. Net income excluding some items in the six months to June 30 fell to $300 million from a year earlier, the Baar, Switzerland-based company said in a statement Wednesday. That compares with a $318 million average estimate of 16 analysts compiled by Vuma Consensus and posted to the mining company’s website. Net debt declined to $23.6 billion. Macquarie Global Head of Commodities Research Colin Hamilton discusses miners and commodities with Bloomberg's Anna Edwards on "Countdown."
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