Xstrata puts little extra pressure on Anglo

Xstrata is proving its claim to be a lean, mean mining machine. But while its first-half results are pleasing, they will do little to support the Swiss group’s pursuit of a nil-premium merger with rival Anglo American. Mick Davis, Xstrata’s chief executive, naturally sees the numbers as underscoring the group’s credentials as a partner for its South African rival. But coming after a positive progress report from Anglo itself, the performance is less inspiring. The global downturn has made this...