Photo credit: Glencore scraps $2.6 billion dividend after first-half loss Photo source: Reuters
Glencore has become the major mining company which has scrapped its dividend this year. It announced on Thursday claiming that the economic outlook was too uncertain because of the pandemic and will focus on cutting its debt instead. The company said its net debt jumped to $19.7 billion in the first half of the year from $17.6 billion at the end of 2019, mainly because of a fall in oil prices, and that it was also booking a $3.2 billion charge.
The $3.2bn charges were related to the oilfields in Chad, and Colombian coal mines, Mopani copper mine in Zambia and zinc mining in Peru.
Data source: Wall Street Journal
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