Glencore Benefits From Price Rise For Commodities

By Salon Staff

Published March 5, 2012 8:00AM (EST)

GENEVA (AP) — Commodities giant Glencore International PLC says it full-year profit rose 7 percent in 2011 to reach $4.06 billion.

The Swiss-based company benefited from rising prices for key raw materials and steadily growing demand in developing countries.

Glencore reported a profit of $3.8 billion for the full year 2010.

The company said in a statement Monday that income attributable to shareholders reached $4.05 billion last year.

Glencore, which received a $10 billion cash injection with its partial IPO last May, is seeking to merge with Anglo-Swiss mining group Xstrata PLC later this year.

Salon Staff

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