Image source: Getty Images The FTSE 100 is home to many quality dividend-paying companies. The index pays a higher collective average yield than most others around the world. For me, there’s no better place to look to boost my passive income. Here’s one FTSE 100 titan I’d consider to aim for £1,000 a year in passive income. Mining cash machine Glencore (LSE: GLEN) is one of the world’s largest natural resource companies. The company produces and markets a diverse range of metals and minerals, such as copper, cobalt, zinc, and nickel. It also markets aluminium and iron ore from third parties. More controversially though, the firm is also a very large coal producer. This part of its business has been booming recently, as prices for the fossil fuel rocketed 70% last year alone. In fact, the world is on pace to use more coal than ever this year. While this isn’t great for global warming (as coal releases more carbon dioxide than other fuel sources), it’s been good news for Glencore’s profits. In its half-year results announced back in August, the company reported adjusted cash profit of $18.9bn (£15.7bn). That was more than double the previous year’s figure. While this surge in earnings won’t last forever, it does mean the mining giant is flush with cash to pay chunky dividends right now. A grand a year in passive income The dividend is expected to be 46p per share, as things stand. So with the share price at 553p today, that equates to a prospective dividend yield of about 8%. That’s far higher than the FTSE 100 average of 3.7%. That means I’d need approximately 2,260 shares to generate £1,000 a year in passive income. Those would cost me around £12,500. Now, that’s a hefty chunk of money. I may not be able to afford that in one go. But if I instead drip-fed £75 a week into the stock, I could gradually work my way towards that figure. Doing it this way would take just over three years to reach my target of £1,000 in annual passive income. Of course, the share price won’t stay static across three years. But drip-feeding my money in every week would smooth out the natural ups and downs. Not without risk Glencore is at the mercy of commodity prices to a large extent. Nobody really knows which way they’ll go this year or next. The dividend could be cut, which would likely impact the share price. That said, the expected dividend is well covered by anticipated earnings. Dividend coverage now sits at nearly three times, which increases the likelihood the payouts will be met. Over the long term, I’m very bullish on the prospects for many mining stocks. Many of the raw materials Glencore produces (particularly copper and nickel) will play a crucial part in the world attempting to reach net-zero by 2050. Plus, the company has made a commitment to eventually rid its portfolio of coal assets. Last month, it announced that it would shut down 12 coal mines by 2035, in order to reduce its emissions by 50% by that year. I’ve put the shares on my watchlist with a view to taking a position in the coming weeks.
