Glencore posts net loss for H1

Switzerland-headquartered international commodities producer and trader Glencore, which operates a chrome joint venture with South Africa’s Merafe Resources, has announced its financial results for the first half this year. In the first half, the company has reported a net loss of $233 million, compared to a net profit of $4.57 billion in the same period last year, while its sales revenue amounted to $117.09 billion, up by nine percent year on year. The company’s adjusted EBITDA was $6.33 billion, down by 32.6 percent compared to the first half last year. In addition, in July, Glencore acquired Canadian mining firm Teck Resources’ remaining 77 percent of equity in coal subsidiary Elk Valley Resources for $6.9 billion.