The world’s largest commodities trading house, Glencore, is looking to lock in on the growing electric car push in Europe and North America.
Glencore CEO, Ivan Glasenberg, said in a statement today that he expects electric cars to “unlock” new demand for metals such as cobalt.
The company looks well positioned to capitalise from this revolution. In its first-half results announcement today, it said that its Ebitda for the period is up 68% while it has also slashed its debt levels.
Despite a growing war chest, the company announced an unchanged dividend as it plans to use the extra cash to pay down borrowings. But the company expects to reward shareholders by paying out $2.5bn in dividends in 2018, up from $1bn in 2017.