Glencore suffered a sharp drop in pre-tax profits in the first six months of trading this year as the boom in commodity prices finally eased.
The Swiss mining giant attributed the downturn to the normalisation of wholesale costs, after bumper trading following Russia’s invasion of Ukraine which saw energy prices climb to record highs.
To appease shareholders, Glencore’s chief executive Gary Nagle has confirmed further shareholder buybacks, with “top-up” returns of $2.2bn, meaning investors have now pocketed $9.3bn this year. Nagle, said: “The strength of our diversified business model across industrial and marketing, focusing on metals and energy, has again proved itself adept in a range of market conditions.
Glencore has made three merger bids for Canadian metals and mining group Teck Resources this year, which have been knocked back by the company’s board with shareholders unconvinced about the risk in increasing their coal assets.
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