Glencore bosses’ £600m windfall

GLENCORE’S senior bosses are in line for a £600m 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 £360m into a £1.6bn 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 170pc surge in the miner’s stock price – providing a £600m 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 £49bn.

Like a number of miners, Glencore has benefitted from the rebound in prices of copper, coal and zinc. It publishes its firsthalf results on Thursday and is expected to report underlying profits of about £3bn, against £670m last year. It will also restore its dividend after a near two-year hiatus.