Glencore ready to support the transition to a low-carbon economy
Diversified mining and marketing company Glencore is poised to support the transition to a low-carbon economy, CEO Ivan Glasenberg said on Tuesday when the company announced it ended 2020 with earnings before interest, taxes, depreciation and amortization ( Ebitda) of $ 11.6. -billion, Covid-19 notwithstanding.
“The Covid-19 pandemic is an extraordinary challenge that continues to impact many aspects of daily life. Against this backdrop, the strength of our underlying 2020 performance is an honor to our highly skilled and dedicated employees, and also reflects our unique business model and our ability to quickly adapt to changing market conditions and customer needs ”, Glasenberg said.
“Going from recessionary conditions in the first half to a strong recovery in prices for most commodities in the second, an outstanding marketing performance pushed earnings before interest and taxes 41% to $ 3.3 billion, while Industrial adjusted EBITDA fell 13% to $ 7.8 billion, mainly reflecting lower coal prices.
“A notable improvement was seen at our Katanga operation in the Democratic Republic of the Congo, where the ramp-up of copper lift in Africa successfully Ebitda to $ 712 million from a loss of $ 349 million in 2019.
Strong cash second half flow repositioned net debt by $ 15.8 billion within our target range, allowing distributions to resume. A distribution of $ 0.12 per share is recommended to shareholders.
“As the world focuses on the road to recovery from Covid-19, it is clear that achieving the goals of the Paris Agreement has become even more urgent.
“While innovation and technological advancements have transformed the way we live and work, the products needed to make it happen have not. Our products are essential for developing all facets of the infrastructure necessary to achieve the objectives of energy transition and mobility.
“We are striving to play our part in supporting the Paris targets and have defined a clear strategy to address our total emissions footprint – Scope 1, 2 and 3 emissions.
“Glencore has been transforming the global commodities industry for nearly half a century, from a trader of ferrous and non-ferrous metals, minerals and crude oil, to one of the largest natural resource companies in the world. world.
“Today, the company and its commodity portfolio are uniquely positioned for the needs of the future. It is ready to support the transition to a low-carbon economy and achieve its ambition of net zero by 2050. We remain focused on creating long-term sustainable value for all stakeholders while operating responsibly in all aspects of our business ”. Glasenberg said in a statement to Mining Weekly.
The company said an obvious emerging force was the growing global momentum and growing consensus around meeting the Paris Agreement goals and targeting global net zero carbon emissions.
He added that Europe and more than 110 countries had announced ambitions to achieve carbon neutrality by 2050, supported more recently by China’s plans to reach net zero emissions by 2060.
