Salem Radio Network News Sunday, August 7, 2022

Business

Glencore to return $4.5 billion to shareholders after record earnings

(Reuters) -Miner and trader Glencore said on Thursday it would return $4.5 billion to investors, including a share buyback of $3 billion, after it reported a record half-yearly profit that more than doubled on higher metal prices and market volatility.

Prices for much of what Glencore mines, including thermal coal used to generate electricity, have reached record highs, due to volatile commodity markets, shortages during protracted COVID-19-related lockdowns, and the war in Ukraine.

“Looking ahead, tightening financial conditions and a deteriorating macro-economic environment present some uncertainty for commodity markets through the second half of the year,” Chief Executive Officer Gary Nagle said.

The group’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $18.92 billion in the six months to June, compared with $8.7 billion a year earlier.

($1 = 0.8235 pounds)

(Reporting by Clara Denina in London and Muhammed Husain in Bengaluru; editing by Uttaresh.V)

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