Performance of miners of base metals and precious metals on August 16
On Tuesday, August 16, the stocks related to base metals gained whereas the precious metal–related stocks remain stable. At 3:00 PM EDT, the PowerShares DB Base Metals ETF (DBB) gained ~0.44% and the SPDR S&P Metals & Mining ETF (XME) fell by ~0.57%. The SPDR Gold Shares ETF (GLD) gained ~0.82%.
BHP Billiton announces huge loss for 2015–2016
BHP Billiton (BHP), the Anglo-Australian multinational miner, announced a huge annual loss on Tuesday, August 16. According to BHP Billiton, the annual net loss for 2015–2016 through June was ~$6.4 billion.
According to the miner, this huge loss occurred mainly due to the write-downs of its US Shale division and the costs stemming from the Samarco dam disaster. Because of the weaker commodities, the net profit excluding the charge and write-downs fell by 81% to $1.2 billion from $6.4 billion recorded a year ago.
Since the beginning of 2016, BHP Billiton gained about ~22%. At 11:40 AM EDT on Tuesday, August 16, BHP Billiton was trading at $31.63, a gain of ~1.4%.