Highlights
Glencore’s Chief Executive Officer, Gary Nagle, commented:

“The strength of our diversified business model across industrial and marketing, focusing on metals and energy, has again proved itself adept in a range of market conditions.

“Against the backdrop of a normalisation of commodity market imbalances and volatility, primarily across the energy spectrum, our Marketing and Industrial segments posted a healthy earnings performance, delivering Group Adjusted EBITDA of $9.4 billion, cash generated by operating activities of $8.4 billion and Net income attributable to equity holders of $4.6 billion.

“Reflecting these solid headline earnings, together with a $3.7 billion release of net working capital, including $1.4 billion of readily marketable inventories, net funding remained static over the period, after disbursing $5.2 billion of shareholder returns, $2.5 billion of net capital expenditure and $2.7 billion of final 2022 tax payments in Australia and Colombia. Net debt finished the period at $1.5 billion.

“Our shareholder returns framework of managing Net debt, in the ordinary course of business, around a $10 billion cap, with deleveraging periodically returned to shareholders, informed today’s announcement of additional “top-up” returns of c.$2.2 billion, lifting total announced shareholder returns this year to c.$9.3 billion.

“As the world moves towards a low-carbon economy, we remain focused on supporting the energy needs of today whilst investing in our transition metals portfolio. Over the year to date, we committed $1.25 billion, mainly on purchasing the balance of the large, long-life MARA copper project, not already held by Glencore, and acquiring a minority stake in Alunorte, a world class alumina refinery, thereby providing Glencore with long-term exposure to lower-quartile carbon alumina.

“We look to the future confident that we have the right pathway to succeed in a Net-zero economy and create sustainable long-term value for all stakeholders, while operating in a responsible and ethical manner across all aspects of our business.”

US$ million H1 2023
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https://www.glencore.com/media-and-insights/news/2023-half-year-report