Half Year Results 

Glencore earnings crash on commodity prices

Glencore earnings crash on commodity prices

Glencore (GLEN) was badly hit by weak metals prices in the first half of 2019 while other major miners have seen big earnings increases thanks to iron ore. Its adjusted cash profits (Ebitda) for the period fell 32 per cent on the year before and net income crashed from $2.8bn (£2.3bn) to $226m. The mining and commodities trading giant also announced it was suspending its Mutanda operation in the Democratic Republic of Congo (DRC), saying it was uneconomic because of low cobalt prices and the new tax regime in the country. This will remove 20 per cent of global cobalt supply in one swift move, possibly encouraging prices back towards the highs of 2017 after a miserable 2018 and 2019. 

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