As China-related panic spread this week, the mining sector slid. BHP Billiton, Anglo American and Glencore all fell by more than 7% on Monday, and have each slumped by between 33% and 60% over the past year as base-metal prices have crashed.
China buys 45% of the world's industrial metals. Glencore reported a 56% fall in earnings in the first half. Sliding prices wiped 71% off Rio Tinto's first-half profits. This week Antofagasta saw profits plunge by 49% as it announced more cost-cutting. BHP Billiton impressed the markets by vowing to maintain or grow its dividend despite a 61% drop in operating profits to £8.7bn.
What the commentators said
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