Glencore Reports $1.6 Billion Loss as Coal Prices Drop and Asset Writedowns Mount

The Swiss mining giant's profits hit a four-year low, with discussions about leaving the London Stock Exchange and potential mergers adding to industry speculation.

• Glencore posted a $1.6 billion net loss for 2024, a sharp decline from its $4.3 billion profit the previous year, driven by falling coal prices and asset writedowns.
• The company recorded a 20% drop in mining profits to $10.6 billion, primarily due to lower energy coal prices, and reduced copper production forecasts for the year ahead.
• Asset writedowns included its South African coal operations and the Koniambo nickel mine in New Caledonia, reflecting market value adjustments.
• Despite the loss, Glencore plans to distribute $2.2 billion to shareholders through dividends and share buybacks, an increase from $1.6 billion the previous year.
• CEO Gary Nagle confirmed the company is considering shifting its stock listing from the London Stock Exchange, citing a potential preference for the U.S. market.

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