Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Global commodities trader Trafigura posted a record net profit of about $7.4 billion for the financial year to the end of September, up 5% from a year earlier, even as windfall earnings in the wake of the war in Ukraine started to fade.
The Geneva-based private company made the bulk of its profit in the first half of the year.
Of the roughly $7.4 billion generated in the financial year ended Sept. 30, $5.5 billion was made in the first half, accounting for double the amount it earned for the same period of 2021-2022. The results mark a fourth year of record profits.
(By Natalie Grover and Pratima Desai; Editing by Veronica Brown and Mark Potter)
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