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Mining giant Glencore swings to 8 percent profit

Published August 20, 2014 10:03 am

Earnings • Swiss-based company intends to buy back $1 billion of its own shares as profit.
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

GENEVA • Commodities and mining group Glencore PLC says it will buy back up to $1 billion of its own shares as profit for the first half of the year rose 8 percent.

The Swiss-based company, which created an industry giant through the merger between Glencore and Xstrata, says the repurchasing of shares will run through the end of March.

In its financial statement released Wednesday, the company says its adjusted net profit was $2.01 billion in the first six months of the year, up from a restated $1.86 billion in the comparable period of 2013.

The global commodity trader and metals producer run by billionaire Ivan Glasenberg reports the profit came from higher production volumes and improved market conditions in grains, copper, zinc and coal.