Tuesday, February 12, 2013

Global miners sweep out loss-makers as profits plunge





Global mining companies are set to unveil their biggest falls in profit in more than a decade and are clearing the decks with multibillion-dollar writedowns on poorly performing assets as they bring in new chief executives.


A sharp drop in commodity prices has driven down half-year profits by 40-50 per cent from a year ago for the top five mining firms, forcing them to shelve expansion projects, slash costs and sell assets to boost returns.









via Business feed http://www.scmp.com/business/companies/article/1148533/global-miners-sweep-out-loss-makers-profits-plunge

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