Glencore the maverick of the mining world, has lengthy been used to doing enterprise in unstable locations. Now that the entire world is wanting unstable, it’s unsurprising to see Glencore doing nicely. Particularly, its choice to resist pressure to divest from coal is wanting prescient.
On Thursday, the world’s prime coal exporter reported a doubling of profits within the first six months of 2022, primarily as a consequence of surging coal costs because the world scrambles for power amid rising geopolitical turmoil. The corporate’s trading business also benefited from volatility throughout a variety of commodities after Russia’s invasion of Ukraine. It mentioned it is going to return an extra $4.45 billion to shareholders in dividends and share buybacks.