With the latest move, Glencore has joined several other mining companies which have been writing down their assets since the beginning of the year due to low prices.
In addition, Glencore recognized a $452m impairment charge at its Murrin Murrin operations in Australia, and a further $324m impairment charge against the company’s investment in aluminum major Rusal.
Glencore’s revenues during the first half of 2013 were down 2% to $121.4bn. The company reported an $8.9bn loss owing to the write downs.
