Rapid rebounds in demand and commodities prices have provided a fair wind over the past 18 months for Glencore, which has unveiled a sharp rebound in pre-tax income to $7.4 billion and funds from operations that were more than double the previous year.
That, in turn, boiled down to a sugar hit for investors in the form of another boost to the dividend. The base dividend was raised to 26 cents a share, more than double the figure the year before, when the Anglo-Swiss mining and commodities group sank to a $2.6 billion loss.
At about $6 billion, net debt is below the range targeted by management, which means that a $550 million share buyback is on the cards before the release of interim results
