The latest reports are confirming that Glencore has taken up a $7.7 Billion charge on Xstrata Mining Assets.
The latest reports coming from the market say that the first half profit of Glencore Xstrata Plc (GLEN) has slid by approx 39 percent. Moreover, sources are also revealing about some other news which they say is coming regarding its three months old takeover.
Willy Strothotte, who is the Chairman of Xstrata since 1994 will retire on May 4, at the conclusion of Xstrata's Annual General Meeting on May 4. Mr. Strothotte will be replaced by the Chairman of Vodafone, Sir John Bond. Vodafone is the world’s second-largest mobile phone operator by market capitalization.
The commodity bang had sent profits rising at mining powerhouse Xstrata as speculation increased over the future of its biggest shareholder Glencore.
The Anglo-Swiss company stated that it has seen an eighty six per cent jump in profits for 2010 to $5.15billion (£3.2billion) after a thirty four per cent rise in revenues to thirty and a half billion dollars.
Xstrata (XTA. L), the miner stated that coal production declined by six percent in 2010 with thermal coal output impacted by severe weather in the first quarter and in the month of December.
Total combined coal production declined to 79.9 million tons although the Anglo-Swiss miner came up with annual production records for coking coal and semi-soft coking coal.