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King Coal Brings In Record Profits For Mining Giant Glencore

by Thomas Richard
February 15, 2023, 10:27 AM
in News and Opinion
Reading Time: 2 mins read
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australia coalGlencore will return more than $7bn (£5.8bn) to shareholders in dividends and buybacks after the commodities giant reported another blockbuster profit driven by its coal and trading divisions.

While the miner and its rivals have been positioning themselves to take advantage of rising demand for metals linked to the energy transition — such as copper for wiring and nickel for batteries — the commodity giant’s profits last year were overwhelmingly driven by mining and trading fossil fuels. [emphasis, links added]

Glencore’s core profit rose 60pc to a record $34.1bn (£28.2bn), of which more than half — $17.9bn (£14.8bn) — came from coal production.

The commodity trading unit earned $6.4bn (£5.3bn) in core profit, also its highest ever.

Glencore has been one of the biggest beneficiaries of the chaos in commodity markets caused by Russia’s invasion of Ukraine.

The company’s decision to keep mining coal while rivals exited has paid off massively, as the dirtiest fuel surged to a record last year, while its sprawling trading business has benefited from sharp price swings and dislocations in energy markets across the world.

Chief executive Gary Nagle said:

The unprecedented developments in global energy markets were material drivers for both our marketing and industrial businesses.

Demand for many of our commodities is likely to remain healthy, while supply constraints persist and inventories remain relatively low.

Read more at Telegraph

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Comments 3

  1. David Lewis says:
    2 years ago

    Consider all of these investment firms and pension plans that have divested in fossil fuels. They are missing out on the high profits of Glencore and similar companies. They would serve their stake holders much better if they dropped politics from their decision making. If they were permitted to have a say in the matter, how many people in pension plans would support avoiding investments that provide the best return?

  2. Spurwing Plover says:
    2 years ago

    To all you Keep it in the Ground Planet before Profit Nit-Wits the consequences of your ignorance would cost you in your utility bills

  3. Charles Wardrop says:
    2 years ago

    Reality strikes!

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