Rio Tinto and Glencore, two major mining companies, reported significant drops in earnings for the year. Rio Tinto's full-year underlying earnings fell by 11.1% due to lower contributions from its aluminium business, while Glencore saw its earnings halve to just over $17 billion because of lower commodity prices. Glencore also slashed its payout to investors as it seeks to reduce debt.
Rio Tinto declared a 12% fall in annual underlying earnings, though that was in line with forecasts. The British-Australian firm, however, did pay a better-than-expected final dividend as it said inflation pressures were starting to fade. Read more https://t.co/NrdS0U2Lvz https://t.co/5xPcyfhkiN
Two commodities giants reported big falls in earnings. Rio Tinto reported a 12% fall in annual underlying earnings, while rival Glencore said lower commodity prices had halved its earnings last year https://t.co/CyX8YsXEw3 https://t.co/ez6uc9rcV6
Two commodities giants reported big falls in earnings. Rio Tinto reported a 12% fall in annual underlying earnings, while rival Glencore said lower commodity prices had halved its earnings last year. Read more https://t.co/ApOkM2pKww https://t.co/y3OfiOtJqD
Rio Tinto declared a 12% fall in annual underlying earnings, though that was in line with forecasts. The British-Australian firm, however, did pay a better-than-expected final dividend as it said inflation pressures were starting to fade https://t.co/UZBSCv0pUN https://t.co/iyJX6YNR8X
COMMODITY TRADING: Glencore reports a steep drop in profit after markets retreated from the price spikes and wild swings that drove blockbuster earnings in the aftermath of Russia’s invasion of Ukraine | $GLEN https://t.co/yKuMPvtzdA
#Glencore's metals marketing activities produced a 2023 Adjusted EBIT of $1.7 billion (+5%), "reflecting broadly consistent physical marketing conditions for many of our most important commodities," the company notes
Coal hits #Glencore earnings, with its Industrial Assets Adjusted EBITDA down 52% in 2023 to $13.2 billion, "primarily reflecting lower coal earnings with the significant reduction in energy prices in 2023," it says. Coal ops contibution fell by $9.9 billion
Glencore cuts dividend as Swiss firm’s earnings fall 50% due to collapse in global coal prices https://t.co/TfbMxYiVPX
Glencore said lower commodity prices halved its earnings last year, pushing them down to just over $17 billion. But unlike Rio Tinto, the company slashed its payout to investors. Read more https://t.co/ApOkM2pKww https://t.co/iyjDt2y43z
Glencore reports a steep drop in profit after markets retreated from the price spikes and wild swings that drove blockbuster earnings in the aftermath of Russia’s invasion of Ukraine https://t.co/NRGsfk6eK1 via @markets @tbiesheuvel #Switzerland
Glencore Posts Steep Profit Fall as Energy Crisis Fades Company is seeking to reduce debt after Teck coal deal Commodity trading profit dropped sharply as volatility eased https://t.co/SB0htWlumM
Glencore's 2023 earnings halve on lower commodity prices https://t.co/mWNw3wf6GB https://t.co/y6oiM1lUJp
Glencore Posts Steep Profit Fall As Energy Crisis Fades - BBG https://t.co/82Z4Z80oWk
⚠️ RIO TINTO POSTS 11% DROP IN ANNUAL PROFIT (Reuters) Rio Tinto reported an 11.1% drop in full-year underlying earnings on Wednesday, as lower contributions from its aluminium business amid weaker prices countered production gains at the iron ore and copper segments. The… https://t.co/wihFW8ntqw