Lower commodity prices lead to a 50% reduction in Glencore's 2023 earnings.

• Teck Resources' metallurgical coal business acquisition has caused Glencore to halve its earnings last year and reduce its investor payout, as the company saves funds.
• Despite two consecutive record years, earnings before interest, tax, depreciation and amortisation were cut in half to $17.1 billion from $34.1 billion the previous year.

Teck Resources' metallurgical coal business acquisition has caused Glencore to halve its earnings last year and reduce its investor payout, as the company saves funds.

Despite two consecutive record years, EBITDA decreased by half to $17.1 billion from $34.1 billion the previous year, in accordance with analysts' predictions of $17.15 billion.

The net debt of the miner and trader increased from $75 million to $4.92 billion in the preliminary 2023 results.

Glencore, a London-listed company, announced on Wednesday that its payout of $1.6 billion does not include a new buyback scheme or a special dividend. Instead, the company is using its cash to fund the $6.9 billion acquisition of Teck's steelmaking coal unit.