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It is estimated that the Cerrejon coal mine will this year generate $US4 billion ($6.35 billion) in earnings before interest, tax, depreciation and amortisation thanks to the switch back to fossil fuels in response to the Russian limitation on energy exports following its war on Ukraine.Thanks to the boom in demand for coal, which has seen Newcastle coal hit $US400 a tonne, Glencore chief executive Gary Nagle is in the enviable position of running a company that this year will be more profitable than BHP and Rio Tinto.BHP will have EBITDA of about $US30.5 billion and Rio will have EBITDA of $US27 billion for the 2022 calendar year, according to consensus estimates of earnings published by Bloomberg.The same consensus estimates are forecasting earnings for Glencore of $US35.8 billion. In its half-year results, Glencore said about half its earnings came from coal.This outstanding coal performance, which underpinned a special dividend and a $US3 billion buyback, is largely due to the contribution from Glencore’s Australian coal mines.About 73 per cent of Glencore’s annual coal production of 103 million tonnes is sourced from Australia, with the remainder from South Africa (20 per cent) and Colombia (8 per cent).The price of top quality NSW thermal coal was $US382.23 per tonne on October 14, according to globalCOAL.The price averaged more than $US397 in each of the past five months and prices will remain high according to futures prices published by globalCOAL, which suggest the commodity will continue fetching more than $US300 per tonne for at least the next 12 months.The fact that the Cerrejon transaction qualifies as being the best of deals and the worst of deals has a lot to do with the timing and the way it was structured.

..... and, had BHP kept its third of Cerrejon, and paid out half of its income in dividends to shareholders, each of us would be getting an extra 20cps dividend from Cerrejon alone last year, this year and probably some for a while thereafter.