Glencore says US “leading candidate” as plots listing switch

GLENCORE on Wednesday reported a $1.63bn attributable loss for its 2024 financial year ended December 31 which it said was due to lower coal prices.The group’s numbers were also fairly noisy with a number of non-recurring items including $2.3bn of impairments. Of this, Glencore’s South African coal operations were written down for $611m due to lower prices and in-country logistic constraints.Commenting on the coal market, Glencore said 22% and 13% lower average prices for exports from Australia (Newcastle) and South Africa respectively represented a normalisation of the energy markets following disruptions between 2022 and 2023.The upshot for shareholder returns is that Glencore declared a $0.10 per share ($1.2bn) base distribution and a $1bn top-up payout, to be executed by way of a buy-back, to be completed by August.Analysts expected Glencore to resume its former policy of distributing excess cash provided net debt is below $10bn – considered a likelihood after the group abandoned its spin out of its coal assets last year.As of December 31, however, net debt was $11.2bn compared to $4.9bn at the corresponding time of the previous financial year.The share buy-back will be funded with $1bn Glencore expects to receive for the sale of its 50% stake in agribusiness Viterra to Bunge as per a 2023 announcement. The post Glencore opts for $1bn buy-back as coal prices hurt earnings appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.comWeiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com