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Glencore reinstates dividend as 2020 net debt drops

Glencore reinstates dividend as 2020 net debt drops 1

JOHANNESBURG (Reuters) – Glencore on Tuesday reinstated its dividend after net debt fell by 10% in its full-year 2020, helped by surging commodity prices in the second half.

The commodities trader and miner, which scrapped its dividend in August last year after a first-half loss amid the COVID-19 pandemic, said it is recommending a distribution of $0.12 per share.

Glencore reported full-year adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $11.56 billion, in line with the previous year and above the $10.7 billion expected in a poll of 12 analysts compiled by Vuma.

Net debt fell to $15.8 billion in 2020 from $17.6 billion in 2019, helped by strong second-half cash flows, the company said.

(Reporting by Helen Reid and Zandi Shabalala; Editing by Kirsten Donovan)

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