Glencore PLC's Chief Executive Officer, Gary Nagle, highlighted the company's significant strategic accomplishments in the first half of 2024. The company streamlined its industrial portfolio by selling its Volcan stake and acquiring a 77% interest in Elk Valley Resources (EVR). The updated Climate Action Transition Plan (CATP) received over 90% shareholder support at the 2024 AGM, and the Swiss and Dutch government investigations have been resolved. Glencore's 2024 production guidance has been maintained and enhanced, with a focus on the second half of the year.

The company clarified the immediate future of its coal and carbon steel materials business, opting to retain it rather than pursue a demerger. This decision was based on extensive consultation with shareholders and the board's analysis, aiming to create demonstrable and realizable value for Glencore shareholders. The retention of the coal and carbon steel materials business is expected to enhance Glencore's cash-generating capacity to fund opportunities in its transition metals portfolio and accelerate the return of excess cash flows to shareholders.

Despite lower average prices for key commodities, Glencore reported an overall Group Adjusted EBITDA of $6.3 billion, a 33% decrease from the prior year. However, Funds from Operations increased by 9%. The company reported a net loss attributable to equity holders of $233 million, after recognizing significant items, including impairment charges.

Glencore's healthy cash generation and disciplined capital allocation led to a reduction in net debt, which stood at $3.6 billion at the end of the first half of 2024, down from $4.9 billion at the end of 2023. The company's financial position, including net debt and funding, showed improvement compared to the previous year.

The company's diversified business model across marketing and industrial segments has provided a solid foundation to navigate market conditions. Glencore remains focused on operating safely, responsibly, and ethically, with a commitment to creating sustainable long-term value for all stakeholders.

The 2024 half-year financial scorecard revealed a $6.3 billion Adjusted EBITDA, a 33% decrease primarily due to the normalization of energy markets. The Marketing Adjusted EBIT was $1.5 billion, down 16% period-on-period, while the Industrial Assets Adjusted EBITDA was $4.5 billion, down 39%, driven by lower contributions from coal operations.

In conclusion, Glencore's strategic achievements and financial performance in the first half of 2024 demonstrate the company's resilience and adaptability in navigating market challenges while maintaining a focus on sustainable value creation for its stakeholders.