Glencore Joins in Mining Industry’s Rush to Cut Spending
- Commodity trader cuts capex forecast by up to $1.5 billion
- Glencore lowers output goals for metals including zinc
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Glencore Plc joined rivals in cutting spending plans this year as the world’s biggest commodity trader moves to protect its balance sheet from the global pandemic.
The company will reduce capital expenses in 2020 to between $4 billion and $4.5 billion from its previous forecast of $5.5 billion. The cuts are a result of some project deferrals, lower production and falling input costs. Glencore also lowered output forecasts for metals such as zinc and ferrochrome after operations were disrupted.