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 Resources39; metallurgical coal business.

After two consecutive record years, adjusted earnings before interest, tax, depreciation and amortisation EBITDA to 17.1 billion from 34.1 billion a year earlier, in line with analysts39; consensus estimates.

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.

Glencore39;s shares were down 5.5 at 0922 GMT.

Londonlisted Glencore39;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 for the 6.9 billion acquisition of Canadian miner Teck39;s unit that is expected to add 20 million tons of steelmaking coal annual capacity to its portfolio.

The deal is expected to close by the third quarter this year, ahead of a planned spinoff of the commodity giant39;s thermal and metallurgical coal business.

We expect the company to be positioned for large capital returns after that deal closes, and we expect Glencore shares to begin to outperform again as a result. But, for now, expect rangebound volatility in these shares, Jefferies analysts said.

Record profits in 2022 allowed the company to hand investors…