Glencore’s interim profit plunges as commodity prices cool
Miner slashes returns to shareholders and share buyback as core earnings slump by half
08 August 2023 - 08:42
Global commodity trader and mining titan Glencore saw its core profit halved in the six months to end-June as underlying prices came off the boil.
Adjusted earnings before interest, taxes, depreciation, and amortisation (ebitda) fell 50% to $9.4bn as average coal prices and Brent crude, among other commodities, retreated from historic highs in the comparable period a year ago when Russia invaded Ukraine, sparking supply concerns...
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