Glencore said it would pay out an additional $4.5 billion, including a $1.45 billion special dividend, taking 2022 payouts to $8.5 billion in total
Shareholders in Glencore reaped a multi-billion dollar windfall on Thursday, as the company’s adherence to thermal coal mining at a time of soaring prices of the material generated record profits for the mining and commodity trading group.
The company had in February announced a $4 billion payout including a dividend and a $550 million share buyback. Glencore chief Gary Nagle told reporters that very strong coal prices had significantly boosted the group’s earnings from its industrial operations, though he also noted it continued to see inflationary pressures which were a “consistent headwind.”
Its trading division’s half-year adjusted operating profit reached $3.7 billion, far exceeding the top end of its long-term annual outlook range of $3.2 billion. It expects “normal market conditions to prevail in the second half of the year.”
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