MINING TRENDS
Glencore to double buyback scheme
The announcement comes as Glencore nears completing its first buyback
London/Johannesburg - Glencore will double the size of its buyback plan by purchasing another $1bn of stock just 11 weeks after starting the programme, adding to a growing number of moves by the world’s biggest miners to return more money to investors. The announcement comes less than a week after number two miner Rio Tinto unveiled a $3.2bn share buyback after an asset sale spree. BHP paid out a record dividend in August and pledged to hand shareholders most of the $11bn reaped from selling its US shale assets. Glencore CEO Ivan Glasenberg said in August that the world’s biggest commodity trader was focusing on cutting debt and returning money to shareholders.
The second buyback in 2018 comes earlier than expected after the company suggested in August it could extend the programme in November or December, rather than wait for full-year results in early 2019. Glencore has almost completed its first buyback, having bought $940m of its own stock after the shares fell to a 14-mon...
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