Glencore Plans Bigger Debt Reduction as Commodity Prices Slide
- Commodities trader to cut debt to $18-$19 billion by 2016
- Blackrock questioned CEO on nickel mines during investor call
Glencore Cuts More Debt, Sells Assets
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Glencore Plc pledged to cut debt even further, scale back operations and sell more assets, becoming the latest mining company that’s been forced to enact more aggressive measures to combat a worsening rout in commodities.
The company plans to reduce debt to as low as $18 billion by the end of 2016, according to a statement on Thursday. That’s lower than a September estimate and compares with a $30 billion debt load this year. It’s also studying an initial public offering of its agriculture business. The stock rallied 7 percent, the most since October.