On Thursday, January 29, Switzerland-based mining group Xstrata plc released its preliminary results for the year ended 31 December 2008.
During the period in question, Xstrata's total revenue decreased by two percent to $27.952 billion, its profit before interest, taxes, depreciation and amortization (EBITDA) fell 11 percent to $9.7 billion, while its attributable profit declined by 13 percent to $4.698 billion, all compared with the same period last year.
Xstrata reported that total consolidated coal production in 2008 had increased by three percent to 85.5 million mt, compared to 2007.
Xstrata CEO Mick Davis commented, "Despite the sudden and severe impact of a global banking crisis that dramatically slowed economic growth from the third quarter and led to a precipitous fall in commodity prices, Xstrata's businesses achieved a highly creditable result in 2008. The impact of markedly lower commodity prices in the final quarter was largely offset by the benefit of record thermal and coking coal and ferrochrome contracts settled during the year, together with robust copper prices for the majority of 2008."