Global diversified natural resources company Glencore’s preliminary 2021 own-sourced copper output decreased 5% year on year to 1.196 million mt, the company said Feb. 15. The Switzerland-based company said the drop in output was due mainly due to the disposal of the Mopani mine in Zambia, expected lower copper grades at its Antapaccay operations in .
2021 was a terrific year for the company, Glencore CEO Gary Nagle said on Tuesday, when he reported record earnings before interest tax depreciation and amortisation (Ebitda) of $21.3-billion, a record marketing performance Ebit of $3.7-bilion, and a record industrial business performance of $17.1-billion Ebitda. As a result, net debt of $6-billion is now significantly below the London- and Johannesburg-listed company’s cap of $10-billion, which opened the way for a $4-billion distribution back to shareholders, made up of cash of $3.45-billion and a share buyback of $550-million. (Also watch attached Creamer Media video.)