Newly-formed mining giant Glencore Xstrata has written down the value of Xstrata’s assets by $7.7bn (£4.9bn), and reported a drop in revenues.
The firm, which was created in May, said the write-down reflected tougher conditions in the mining sector. Revenues in the first half of 2013 fell 2% to $121.4bn. The firm recorded an $8.9bn loss due to the write-downs.