Glencore to return $2.8 billion to shareholders in 2021 (Sudbury Star/Reuters – August 6, 2021)

LONDON — Glencore will return $2.8 billion to shareholders in 2021 after soaring commodity prices helped the mining and trading company to a record performance for the first six months of the year, it said on Thursday.

The London-listed company joins rivals Rio Tinto and Anglo American in declaring bonanza payouts after record half-year profits buoyed by a rebound in demand for commodities.

“Following COVID-19’s severe global impacts in early 2020, the subsequent economic recovery has seen prices of most of our commodities surging to multi-year highs,” said Glencore CEO Gary Nagle, who took the helm of the company in July.

Glencore is one of Sudbury’s top employers, with more than 1,200 employees and another 1,200 who work as contractors. The company’s activities in Sudbury include exploration, Fraser Mine, Nickel Rim South Mine, Strathcona Mill and the Sudbury Smelter. Nickel and copper are the primary metals but cobalt and precious metals, such as gold, silver, platinum and palladium are also produced.

Provided commodity prices hold up and net debt stays in check, Glencore could increase payouts further, chief financial officer Steven Kalmin said.

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