Glencore has announced a £5.8bn ($7.1bn) payout to shareholders after posting “record profits” in its full-year 2022 results, powered by its coal and trading divisions.

Revenue for the Swiss-based mining multinational came in at $255.9bn in 2022, a surge of 26% from the previous year.

The miner will now hand out over £5.8bn to shareholders in dividends and buybacks after posting another period of increased revenue and profits.

Glencore’s core profits have increased by 60%, reaching a historic high of $34.1bn (£28bn). This figure includes $18.6bn (£14.89bn) generated by the energy business, which comprises coal.

Glencore took full ownership of the Cerrejón coal mine in Colombia in early 2022. Purchasing BHP and Anglo American stake in the open-cut mine. The sale marked Anglo American’s exit from the thermal coal market.