Energy

Glencore shareholders get $7bn payday as ‘dirty’ coal mining drives record profit

The company has been one of the biggest beneficiaries from Russia’s invasion of Ukraine, which led the price of the ‘dirtiest fuel’ to soar

Glencore’s core profit rose 60 per cent to a record $34.1 billion. Picture: Glencore

Glencore will return more than $7 billion (€6.5 billion) to shareholders in dividends and buybacks after the commodities giant reported another blockbuster profit driven by earnings from its coal and trading divisions.

Glencore has been one of the biggest beneficiaries from 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 ...