Sun | Jan 21, 2018

Glencore upbeat as commodity prices rise

Published:Friday | February 24, 2017 | 12:00 AM

The chief executive of Glencore says the Swiss mining and metals company is better positioned than ever after core profits rose 48 per cent last year amid recovering commodity prices and cost-cutting policies.

The Baar, Switzerland-based company reported net income before exceptional items of US$1.99 billion in 2016, against US$1.34 billion the year before when Glencore was mired in debt and considered by some as on the brink of collapse.

CEO Ivan Glasenberg pointed Thursday to "increasingly favourable fundamentals." Glencore said it expects "sustained" reduction in zinc and copper cost structures into this year.

Glencore also said it's raised US$6.2 billion thanks to a cost-cutting programme launched in September 2015, including the US$3.1-billion sale of half of its agriculture business.

Glencore's share price in London was up five per cent.

- AP