$50B Writedowns as M&A Continues to Haunt Mine CEOs

Bloomberg reported that the world’s biggest steel and mining companies such as Anglo American, Vale SA, and Rio Tinto have wiped about $50 billion off their property valuations in 2012 and other companies have followed suit, including Glencore International Plc and BHP Billiton, which may write down some of their nickel assets.

As quoted in the market news:

BHP, the world’s biggest mining company, may lower the valuation of its nickel and aluminum assets by about $5 billion, Bernstein said in a report today, while Goldman Sachs said in January that BHP may take a $2 billion to $3 billion impairment on aluminum. BHP in August announced a $3.3 billion charge on gas and nickel assets.

Click here to read the full Bloomberg report.