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Global slowdown takes toll on miners

Posted on 21 August 2013

Mining giants Glencore Xstrata and BHP Billiton reported poor results for the first half, underscoring the bleak outlook for the commodities market amid slowing global growth. BHP said net profit dropped 29.5 per cent to US$10.88 billion in the year to June, citing slowing global growth and commodity price volatility.
The world’s biggest miner said lower prices for its key resources, including a 17 per cent dive in iron ore, wiped US$8.9 billion from underlying earnings of US$28.4 billion………………………………………..Full Article: Source


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