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Major miner Glencore has released its 2023 half year report, revealing that it spent $1.25 billion in investment commitments in transition metals.

Breaking down the $1.25 billion, Glencore spent $700 million to acquire a 30 per cent and 45 per cent stake in Alunorte and Mineracão Rio do Norte respectively, $475 million to acquire the remaining 56.25 per cent interest in the MARA copper project, and $73 million to acquire the remaining 18 per cent in Polymet.

Glencore chief executive officer Gary Nagle said the investments had strengthened the company’s business model.

“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 (earnings before interest, taxes, depreciation and amortisation) of $9.4 billion, cash generated by operating activities of $8.4 billion and net income attributable to equity holders of $4.6 billion,” he said.

Nagle also said that Glencore would be looking to further its decarbonisation commitments.

“We remain focused on supporting the energy needs of today whilst investing in our transition metals portfolio,” he said. “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.”

Additional highlights from the half year report include:

  • Shareholders giving support for the progress of Glencore’s Climate Action Transition Plan, with 70 per cent voting in favour
  • A $3.7 billion release of net working capital
  • Distribution of $5.2 billion of shareholder returns.