Mining company to produce 10m tonnes below original target in 2016 financial year after suspension of operations at Samarco joint venture mine in Brazil Shares in BHP Billiton have suffered more losses after the company was forced to write down nearly US$1bn (A$1.4bn) and gash its target for iron ore production amid falling prices.
The Anglo-Australian mining company said on Wednesday that its first-half results will include write-downs worth US$911m relating to redundancies and closures,as well as a revaluation of its copper business. Related: halt of China's commodity boom spells pain for producers with no halt in sight Related: Anglo American and BHP top FTSE fallers as oil slides below $30 Related: BHP hit by perfect storm of dam catastrophe, falling prices and China fears Continue reading...
Source: theguardian.com