WRITTEN BY CCDEDITOR ON FEB 15, 2023. POSTED IN LATEST NEWS
King Coal Brings In Record Profits For Mining Giant Glencore
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.
https://climatechangedispatch.com/king-coal-brings-in-record-profits-for-mining-giant-glencore/
