Swiss Commodities Trader Glencore Faces $1.6Bn Loss

(MENAFN- Swissinfo) According to preliminary annual figures, Swiss commodities trader and mining group Glencore slipped into the red with a $1.6 billion loss in 2024.

This content was published on February 19, 2025 - 11:04 2 minutes Keystone-SDA

• Deutsch de Glencore erleidet 2024 Verlust von 1,6 Milliarden Dollar Original Read more: Glencore erleidet 2024 Verlust von 1,6 Milliarden Dolla

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Sales rose to $231 billion from $218 billion in the previous year, the Zug-based firm reported on Wednesday. However, adjusted operating profit (EBIT) fell from $10.4 to $6.9 billion. The decline was mainly due to lower prices for coal.

The company announced a distribution of around $2.2 billion to shareholders, including a basic dividend of $0.10 per share and a share buyback program of $1 billion.

Overall, Glencore has had a mixed production year, producing less copper, cobalt and nickel than in the same period last year. Oil production also continued to fall. Coal production only increased thanks to an acquisition in Canada.

New member of the Board of Directors

Glencore's board of directors has also gained a new member in María Margarita Zuleta. She has been appointed as an independent and non-executive board member with immediate effect.

The Colombian is reportedly a professor at the School of Government at the Universidad de los Andes. She is also a member of the boards of directors of several Colombian companies.

More More Glencore and Rio Tinto held talks on mining's biggest-ever potential merger, say reports

This content was published on Jan 17, 2025 The Swiss-based mining and commodities group Glencore and the British company Rio Tinto reportedly held early-stage talks last year about combining their businesses.

Read more: Glencore and Rio Tinto held talks on mining's biggest-ever potential merger, say report

Translated from German with DeepL/mga

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