5th Aug 2026 08:37
(Alliance News) - Glencore PLC on Wednesday declared a special dividend after returning to the black in the first half of 2026, and announced a new share buyback, while planning an Australian listing.
The Switzerland-based diversified mining company swung to a pretax profit of USD4.89 billion for the six months that ended June 30, from a loss of USD1.13 billion a year earlier.
Revenue for the first half rose 49% to USD174.43 billion from USD117.40 billion, lifting adjusted earnings before interest, tax, depreciation and amortisation up 86% to USD10.12 billion from USD5.43 billion.
"We delivered another strong operational and financial performance for the first half of the year," Glencore Chief Executive Officer Gary Nagle said, adding that the group's assets performed in line with market guidance.
Nagle said substantially higher average prices for the miner's core commodities and a favourable marketing backdrop underpinned a "material" increase in earnings.
The first half was characterised by significant repricing of energy and related markets, following escalation of the Middle East conflict, he said.
Marketing adjusted earnings before interest and tax more than doubled to USD3.3 billion in the first half. In its Marketing segment, which trades commodities, Glencore expects to "comfortably" exceed its long-term adjusted Ebit guidance of between USD2.3 billion and USD3.5 billion in 2026, compared to USD2.9 billion in 2025.
Glencore declared a top-up special distribution of 8.5 US cents. In February, it declared a base distribution of 10 cents per share, and topped it up with 7 cents. The first tranche of 8.5 cents was paid out in June, and the second tranche of 8.5 cents will be distributed in September.
In addition, Glencore announced a new USD500 million share buyback to be completed by February 2027.
Earnings per share for the first half stood at 0.37 US cents, swinging from a loss per share of 0.05 cents.
Glencore plans a secondary listing on the Australian Securities Exchange via chess depositary interests or CDIs. The company has a primary listing on the London Stock Exchange, and a secondary listing on the Johannesburg Stock Exchange.
Looking ahead, Glencore said it remains well positioned to reach copper production volumes of 1 million tonnes annualised by the end of 2028 and 1.6 million tonnes by 2035.
It expects first production at the Alumbrera copper mine in Argentina in the second half of 2027, compared to original guidance of the first half of 2028.
Glencore shares were up 4.4% to 574.50 pence on Wednesday morning in London. They were also up 376%, to ZAR126.58.
By Artwell Dlamini, Alliance News senior reporter South Africa
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