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Glencore to return $2.8 billion to shareholders after record first half By Reuters

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© Reuters. FILE PHOTO: The emblem of commodities dealer Glencore is pictured in entrance of the corporate’s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photograph

By Clara Denina and Zandi Shabalala

LONDON (Reuters) -Glencore will return $2.8 billion to shareholders in 2021 after hovering commodity costs helped the mining and buying and selling firm to a report efficiency for the primary six months of the yr, it stated on Thursday.

The London-listed firm’s first-half adjusted earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) rose 79% to a report $8.7 billion, in contrast with $4.8 billion a yr earlier, beating the $8.4 billion anticipated by analysts polled by Refinitiv.

Glencore (OTC:) joins rivals Rio Tinto (NYSE:) and Anglo American (LON:) in declaring bonanza shareholder payouts after report half-year income powered by greater commodity costs.

Glencore declared a 2021 dividend of $2.8 billion, together with a particular dividend of $0.04 cents per share, or $500 million to be paid in September and can purchase again $650 million in shares.

“Following COVID-19’s extreme international impacts in early 2020, the next financial restoration has seen costs of most of our commodities surging to multi-year highs amid accelerating demand and lingering provide constraints,” stated Glencore CEO Gary Nagle, who took the helm of the corporate in July.

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