Glencore Xstrata takes $7.7bn hit

Mining giant Glencore Xstrata has revealed a multi-billion-dollar writedown in its first set of results since its merger.

In its first set of results as a combined group, Glencore Xstrata revealed a $7.7bn writedown on the value of Xstrata's mining assets. That dragged net losses for the company to almost $9bn in the first half. The $44bn merger between Glencore, which specialises in commodities trading, and mining group Xstrata was only completed in May. Other miners have also struggled as the commodities supercycle has wound down. BHP Billiton this week revealed a 30% drop in annual net income to $10.9bn.

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