Glencore scraps $2.6bn dividend after fall in half-year profits

FINANCIAL TIMES 🔒| Glencore has decided not to pay a proposed $2.6bn dividend after reporting a drop in half-year profits due to weaker commodity prices and the impact of the coronavirus pandemic. 

The Switzerland-based miner and commodities trader said on Thursday it was focused on strengthening its balance sheet as net debt rose 12 per cent to hit $19.7bn at the end of June. 

Ivan Glasenberg, Glencore’s chief executive, said the board had concluded it would be “inappropriate to make a distribution to shareholders in 2020”, and it would instead prioritise debt reduction. He said the board would review whether to resume dividend payments next year when there would be greater visibility on where “everything sits”.

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