$7.7bn asset writedown hits Glencore Xstrata revenues

GENEVA – Commodities and mining giant Glencore Xstrata has written down the value of Xstrata’s assets by $7.7billion (4.9billion pounds), and reported a drop in first half revenues by 2 percent to $121.4billion. The firm, which was created in May, recorded an $8.9bn loss due to the write-downs. Glencore Xstrata is among many mining companies that have been hit by tougher conditions in the …

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