It is only the second time Glencore, which mines commodities such as coal and copper, has cancelled its dividend since 2011Glencore has scrapped its dividend after falling to a $2.6 billion first-half net loss despite a bumper performance from its trading division. The commodities group said that it would be “inappropriate” to proceed with the proposed $2.6 billion payout for the year given the continued uncertain outlook because of the pandemic and the need to reduce debt. Shares fell 15¾p, or 8.1 per cent, to 180¼p yesterday. Glencore’s trading arm reported a record half-year adjusted profit of $2 billion, boosted by its oil traders who were “able to capitalise on the exceptional market conditions during the half” as crude prices plunged, Ivan Glasenberg, chief executive, said. Its mining operations were also able to continue “relatively normally” but it was hit by a collapse in prices

Source: The Times August 06, 2020 23:03 UTC