Glencore announce big drop in earnings
Published by Jonathan Rowland,
Editor
World Coal,
Glencore has announced a 26% drop in earnings in 1H15 on “substantially weaker commodity prices,” the company said in its half-year report. Adjusted EBITDA was US$4.6 billion, down from US$6.5 billion in 1H14.
“Against a challenging backdrop for many of our commodities, we have taken a range of pre-emptive actions in respect of our balance sheet, operations and capital spending/recycling in order to preserve out current credit rating and sustain our track on equity distributions,” said Glencore’s CEO Ivan Glasenberg.
Glencore’s coal production dropped 4% to 68.7 million t in 1H15, primarily due to the market-driven decision to cut production. The company also placed its Optimum Coal business in South Africa into business rescue proceedings – the local equivalent of bankruptcy protection.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/19082015/glencore-announce-big-drop-in-earnings-2755/
You might also like
BLM to hold coal lease sale for Freedom Mine in North Dakota
As part of the Trump administration’s commitment to strengthening American energy independence and economic security, the Bureau of Land Management will hold a competitive sealed-bid coal lease sale for federal coal reserves at the Freedom Mine in Mercer County, North Dakota, on 3 September 2025.