(Adds details)

By Clara Denina and Pratima Desai

LONDON, Feb 21 (Reuters) – Glencore said on Wednesday lower commodity prices had halved its earnings last year, and slashed its payout to investors, as the company saves to fund the acquisition of a 77% stake in Teck Resources’ metallurgical coal business.

After two consecutive record years, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) halved to $17.1 billion from $34.1 billion a year earlier, in line with analysts’ consensus estimates of $17.15 billion.

In preliminary 2023 results, the miner and trader said net debt stood at $4.92 billion at the end of the year, from just $75 million at the end of 2022.

London-listed Glencore’s payout of $1.6 billion announced on Wednesday does not include a new buyback scheme, after the existing one ends this month, nor a special dividend, as the company uses its cash to fund the

$6.9 billion acquisition

of Canadian miner Teck’s steelmaking coal unit.

(Reporting by Clara Denina And Pratima Desai)