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(Bloomberg) Glencore Plc said it could dramatically increase returns to shareholders going forward as the company cashes in on high prices for the commodities it mines and trades. Glencore announced $1.18 billion in dividends and share repurchases Thursday after surging metals prices helped drive first-half earnings to a record. But while the buyback may be a welcome surprise for investors, Glencore’s payouts remain well below mining rivals like Rio Tinto Group and Anglo American Plc, which last week announced a combined $13.2 billion in shareholder returns, also after record profits. Glencore’s now in a position to pay out a higher percentage of its earnings after reducing borrowings, Chief Financial Officer Steve Kalmin told reporters. The company cut net debt by 33% from a year earlier to the bottom of its long-term range. The current dividend policy is to pay $1 billion from its trading unit, plus 25% of free cash flows from the sprawling mining business. “Given where the b

Rio tintoNew caledoniaUnited statesNew caledonia generalGary nagleIvan glasenbergUk serious fraud officeUs department of justiceAnglo american plcRio tinto groupGlencore plcAnglo americanChief executive officer gary nagleFraud officeBusiness generalCommodity markets