Wednesday 8th February 2023 Font size:

Dark mood as miners baulk at energy costs

Tuesday, August 23rd, 2022

The prospect of a global recession and doubts over economic stimulus in China, the world’s biggest user of raw materials, add to the challenges of mining companies as they grapple with energy costs, raising the risk of downsizing and layoffs, however,.none of the major diversified miners is under financial strain after years of strong commodity prices.
But leading miners Rio Tinto, Anglo American and Antofagasta are among many to have posted a fall in half-year earnings and lowered shareholder payouts.Even those whose profits stayed high, including BHP Group and Glencore, flagged the risk sluggish commodity demand over the coming months could lower returns.

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