Glencore latest to be hit by commodity price slump

Company accelerates debt cut plans as profits drop 66 per cent

24th August, 2016
Commodity price slump has hit mining profits. Pic: Getty

Glencore, the miner and commodities trader headed by billionaire Ivan Glasenberg, has sharpened its plan to cut debt after reporting its worst half-yearly profit since listing in London five years ago.

The company widened its debt-reduction target by $500m and plans to trim net borrowings to as low as $16.5 billion by year-end, it said in a statement. The shares dropped as much as 5.2 per cent as lower raw-material prices cut first-half profit by...

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