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Glencore posts record profit for 2022

Commodities company Glencore said Monday that it has reached an agreement with the Democratic Republic of Congo to pay $180 million over bribery allegations spanning from 2007 to 2018. (File) Commodities company Glencore said Monday that it has reached an agreement with the Democratic Republic of Congo to pay $180 million over bribery allegations spanning from 2007 to 2018. (File)
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GENEVA - Mining, oil and metals giant Glencore posted record profits last year on soaring demand for energy. The Swiss-based company said Wednesday that it will pay out more than $7 billion to shareholders.

Glencore says business rebounded from lows during the coronavirus pandemic and rode a spike in demand for oil and natural gas after Russia invaded Ukraine.

Net income soared nearly 250 per cent to $17.32 billion last year. It comes after record profits from energy giants like Shell, BP and ExxonMobil have stirred calls for them to do more to help households and businesses with high utility and invest more in efforts to cut climate-changing emissions.

(The Associated Press) 

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