{"id":13266,"date":"2012-08-07T14:13:24","date_gmt":"2012-08-07T12:13:24","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/update-2-cost-cuts-help-xstrata-beat-profit-expectations\/"},"modified":"2012-08-07T14:13:24","modified_gmt":"2012-08-07T12:13:24","slug":"update-2-cost-cuts-help-xstrata-beat-profit-expectations","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-cost-cuts-help-xstrata-beat-profit-expectations\/","title":{"rendered":"UPDATE 2-Cost cuts help Xstrata beat profit expectations"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* H1 EBITDA down 31 percent to $4 billion<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Cost of Las Bambas project rises 7 percent to $5.2 billion<\/p>\n<p><span><\/span><\/p>\n<p>* Writes down Lonmin investment, takes $514 million hit<\/p>\n<p><span><\/span><\/p>\n<p>* CEO declines to comment on Glencore deal outcome<\/p>\n<p><span><\/span><\/p>\n<p>By Clara Ferreira-Marques<\/p>\n<p><span><\/span><\/p>\n<p>LONDON, Aug 7 (Reuters) &#8211; Anglo-Swiss miner Xstrata,<br \/>\nin the throes of a $26 billion takeover bid, posted a<br \/>\nsmaller-than-expected 31 percent drop in first-half profit as<br \/>\ncost cuts helped cushion the impact of weaker prices and reduced<br \/>\ncopper production.<\/p>\n<p><span><\/span><\/p>\n<p>The miner felt the pain of market turbulence, though, as it<br \/>\ntook a $514 million hit to write down the value of its almost 25<br \/>\npercent stake in platinum miner Lonmin &#8211; battered along<br \/>\nwith the rest of the South African-focused sector by rising<br \/>\ncosts, weak demand and stoppages.<\/p>\n<p><span><\/span><\/p>\n<p>Xstrata, one of the world&#8217;s largest producers of thermal<br \/>\ncoal and copper, agreed earlier this year to be taken over by<br \/>\ncommodities trader Glencore, its largest shareholder.<br \/>\nBut the deal hit trouble in June after the miner&#8217;s<br \/>\nsecond-largest shareholder, Qatar Holdings, demanded an improved<br \/>\noffer.<\/p>\n<p><span><\/span><\/p>\n<p>Xstrata&#8217;s results had been keenly anticipated for signs of<br \/>\nworsening profitability or a deteriorating outlook that could<br \/>\nstrengthen Glencore&#8217;s case for keeping the offer as it is &#8211; 2.8<br \/>\nnew shares for every share.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* H1 EBITDA down 31 percent to $4 billion * Cost of Las Bambas project rises 7 percent to $5.2 billion * Writes down Lonmin investment, takes $514 million hit * CEO declines to comment on Glencore deal outcome By Clara Ferreira-Marques LONDON, Aug 7 (Reuters) &#8211; Anglo-Swiss miner Xstrata, in the throes of a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-13266","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=13266"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13266\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}