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Updated Tuesday, February 9, 2010 1:28 pm TWN, AFP

Xstrata predicts renewed commodities boom

GENEVA -- Anglo-Swiss mining group Xstrata yesterday reported a 41 percent drop in its annual profit in 2009 and pinned its hopes on a renewed boom in commodities demand in China and other emerging economies. Xstrata chief, Mick Davis, predicted that commodities markets would shrug off depressed demand and prices triggered by the financial and economic crisis in 2008 and 2009 and return to a situation where demand would outstrip supply.

Preliminary results released by Xstrata showed that attributable profit minus exceptional items slumped to US$2.77 billion (2.02 billion euros) with the global slowdown in industrial production early last year.

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