Senior executives at global commodity mining and trading conglomerate, Glencore, struck an upbeat note earlier this week despite posting dire full year results that epitomized a disastrous year for the natural resources sector.

The Baar, Switzerland-headquartered company posted a full year loss of $5 billion compared with a $2.3 billion profit in 2014. Mining profits plunged to a loss of $292 million against a $3.9 billion profit last year but the company’s trading operations helped soften the blow.

Despite the numbers, Glencore’s CEO, Ivan Glasenberg proclaimed the rout in commodities over and appeared optimistic about plans to drastically cut the company’s $26bn debt pile, the scale of which led to a massive selloff in its shares last year.

“Glencore’s stock price has since recovered sharply,” explained Jurgen Sebring, senior metals trader on Resona Partners proprietary trading team. “They traded as low as £0.70 in September last year before recovering thanks, in part, to supportive reaffirmation of ratings by institutional investors.”

Looking ahead to 2017, Glencore even suggested that it could potentially reinstate the shareholder dividend it suspended amid last year’s rush to reduce its debt.

Like other large natural resources groups, Glencore has been hit hard by the collapse in prices for metals and crude oil. Rivals, including Anglo American, BHP Billiton & Rio Tinto have reported huge losses and announced plans to sell off mines, often as considerable discounts to what they have spent acquiring them.

“Resona Partners concurs with Mr Glasenberg’s assertions regarding the bottom of the market in natural resources prices and this is reflected in a bias towards miners in our current buy listings,” said Sebring.

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