Xstrata sees H1 earnings drop 31%, defers $1bn of capex but approves investment to double capacity of McArthur River zinc mine

摘要

Xstrata posted a 31% slump in first-half earnings on lower prices for its commodities, especially nickel and zinc, and said it would cut capital spending this year by $1 billion. Earnings before interest, taxes, depreciation and amortisation fell to $4 billion, compared with $5.82 billion a year earlier. Lower prices were "the major contributorto reduced profitability", ceo Mick Davis said in a statement. Xstrata has approved a $360 million investment to more than double the capacity of its McArthur Riverzinc mine in Australia.