Glencore's senior bosses are in line for a £600 million windfall after backing the company when it looked to be on its last legs.
Billionaire owner Ivan Glasenberg and a number of senior staff pumped £360 million into a £1.6 billion=n emergency fundraising scheme in late 2015 – when the firm's share price was just 128p.
But a recovery in raw material markets since then has fuelled a 170 per cent surge in the miner's stock price – providing a £600 million windfall for investors.
Shares in the firm have recovered since their all-time low of 67p in 2015 and closed at 337.8p last week, valuing the firm at £49 billion.
Like a number of miners, Glencore has benefitted from the rebound in prices of copper, coal and zinc.
It publishes its first-half results on Thursday and is expected to report underlying profits of about £3 billion, against £670 million last year.
It will also restore its dividend after a near two-year hiatus.
By: The Daily Mail.
Photo: The Local Switzerland.
Review: Emerging Market Formulations & Research Unit, Flagship Records.