Glencore defers cash distribution decision
Glencore said today it is "prudent" to make a decision at a later time on its planned $2.6 billion proposed cash distribution.
"The Board considers it prudent to defer its decision as to whether to proceed with the proposed cash distribution of $0.20 per share (c. $2.6 billion) in 2020, in order to strengthen the Group’s overall financial position and reflecting that, although none to date, there exists the risk of material production disruption due to COVID-19," said the company in a statement.
The company said it is still able to generate "material levels of positive free cash" in the current environment.
CORRECTION: Wording changed from "withdraw" to "defer its decision" in title.