Massive Xstrata profit contradicts ‘need’ for river diversion

Remember how Xstrata needed to divert the McArthur River because they couldn’t make enough money, claiming poor prices and low margins. This is what they said recently…

Industrial metal prices “remain significantly above long-run averages and comfortably ahead of any of the assumptions that underpinned our acquisitions in 2006,” said Mick Davies, Xstrata`s chief executive said in a statement.

Switzerland-based Xstrata plc – the fourth-largest copper and nickel producer in the world – has announced a record full-year profit after metal prices soared.

The company – listed on the London and Swiss stock exchanges – said in a statement net income rose to US$2.39/share, from US$2.27, a year earlier. Profit was US$4.9 billion.  

from http://www.mining-journal.com/Breaking_News.aspx?breaking_news_article_id=1979

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