Swiss mining giant Glencore deepens its losses
Swiss mining and commodity trading giant Glencore posted widening first-half losses on Wednesday as falling coal prices, US tariffs and Middle East tensions hit earnings.
Glencore reported a $655 million loss for the first six months of the year, compared to $233 million over the same period in 2024.
Core earnings at its mining division sank 17% to $5.4 billion, primarily due to weaker coal prices and lower copper volumes, the company said in an earnings statement.
In its commodity trading division, profit before interest and tax was down eight percent to $1.4 billion.
Glencore said, however, that it was "an overall solid result against a macroeconomic environment that was heavily influenced by US tariff policy uncertainty and tensions in the Middle East".
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