Mining giant Glencore posted a decline in full\u2011year profits on Wednesday, as record copper prices were unable to offset weaker earnings from its coal division.<\/p>\n
Glencore said core earnings fell 6% year\u2011on\u2011year to $13.5bn, primarily reflecting lower energy and steelmaking coal prices, partially offset by stronger metals pricing, though the company said it would still return $2bn to shareholders, including an $800m top\u2011up distribution.<\/p>\n
Revenues grew 7% to $247.53bn, while cash generated by operating activities before working capital, interest and tax was down 5% at $10.6bn.<\/p>\n
Glencore’s preliminary results come less than two weeks after talks with Rio Tinto collapsed, halting a potential deal that would have created the world’s largest mining group. Discussions ended after the two sides failed to agree on the size of the premium Rio should pay.<\/p>\n
Separately, Glencore announced that it has reached an agreement with G\u00e9camines over land access for Kamoto Copper Company, clearing the way for a package of long\u2011term mining titles and leases. Glencore said the deal will allow KCC to expand its tailings storage and waste\u2011rock capacity, supporting a longer life\u2011of\u2011mine plan.<\/p>\n
It will also enable the group to maximise recovery of ore reserves within its existing exploitation permits, including at the KOV and T17 areas. G\u00e9camines will retain rights to any ore reserves extracted from within the leased land package.<\/p>\n
Reporting by Iain GIlbert at Sharecast.com<\/p>\n","protected":false},"excerpt":{"rendered":"Mining giant Glencore posted a decline in full\u2011year profits on Wednesday, as record copper prices were unable to…\n","protected":false},"author":2,"featured_media":11457,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[123],"tags":[1971,1973,1976,1972,1974,1978,740,4007,132,3826,8673,8671,8669,8672,8670],"class_list":{"0":"post-11456","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-glencore","8":"tag-categoryall","9":"tag-categorycompany-news","10":"tag-categorymarket-pulse","11":"tag-categorymarket-report","12":"tag-categorynews-and-announcements","13":"tag-categorysectorial-non-energy-minerals","14":"tag-coal","15":"tag-decline","16":"tag-glencore","17":"tag-metals","18":"tag-mostread_company_news","19":"tag-offsets","20":"tag-profits","21":"tag-strength","22":"tag-weakness"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/11456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=11456"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/11456\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/11457"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=11456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=11456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=11456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}