Glencore cuts dividend as Swiss firm’s earnings fall 50% due to collapse in global coal prices

Glencore on Wednesday said its adjusted earnings had halved over 2023, following a sharp slump in global coal prices and it outlined plans to cut its dividend in order to pay down debts accrued from its $9 billion takeover of Teck Resources steelmaking coal assets in November last year.  The Swiss firm saw its adjusted earnings drop 50% to $17.1 billion over 2023 as it suffered a $13.1 billion hit from plunging global commodity prices which retreated from the record highs seen in the immedi