Glencore Group adjusted EBITDA for the half year to June has...

Glencore Group adjusted EBITDA for the half year to June has almost doubled, to a record US$18.9b.

"Miner and trader Glencore said on Thursday it would return an additional $4.5 billion to investors, including a share buyback of $3 billion, after it reported a record half-yearly profit mostly due to high coal prices.

Unlike its mining rivals which bowed to investor pressure to exit fossil fuels, Glencore mines thermal coal, whose prices have reached record highs, reflecting shortages during protracted COVID-related lockdowns and the war in Ukraine, and trades millions of barrels of crude oil a year.

Chief Executive Gary Nagle told reporters that very strong coal prices had significantly boosted Glencore’s earnings from its industrial operations, though he also noted the group continued to see inflation pressures across its business, which were a “consistent headwind”.

Shareholder returns of $4.5 billion also include a $1.45 billion special dividend, taking 2022 payouts to $8.5 billion. The company had in February announced $4 billion payout including a dividend and a $550 million share buyback.

The group’s adjusted core earnings or EBITDA more than doubled to $18.92 billion in the six months through June, compared with $8.7 billion a year earlier and above analysts’ expectations of $18.4 billion".

https://www.cnbc.com/2022/08/04/glencore-to-return-extra-4point5-billion-to-shareholders-after-record-earnings.html