Glencore posted its first annual loss in four years on Feb. 18 as the commodity trader and miner took $2.8 billion in charges for its Colombian coal, Chadian oilfields and African copper and cobalt operations.
The London-listed company reported a net loss of $400 million for the full year to Dec. 31, 2019, compared to a $3.4 billion net profit the year before. However, EBITDA came in at $11.6 billion, beating analyst expectations of $11.25 billion. EBITDA from Glencore’s coal operations dropped to $3.6 billion from $5.2 billion the previous year due to a decline in prices. However, Glencore said that global coal demand was expected to continue to grow until 2030, mainly due to the need for cheap, base-load power in Asia.
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