Glencore profits halve as commodity prices retreat

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Swiss mining and trading group Glencore has reported a plunge in first-half profits as the surge in commodity prices that followed the invasion of Ukraine eases.

The FTSE 100 group said on Tuesday that its earnings before interest, tax, depreciation and amortisation fell by 50 per cent to $9.4bn in the first six months of the year, driven in part by coal prices coming off their highs.

A resurgence in coal prices, which started before Russian’s invasion of Ukraine, helped send Glencore’s profits to a record last year, but they also drew scrutiny over the company’s plans for the heavily polluting business.

Alongside its first-half results, Glencore said it would increase its dividend by $1bn and buy back another $1.2bn of shares in a move that takes the amount it has returned this year to $9.3bn.