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Glencore on track to cut debt; suffers coal hedging loss

Mining company to sell a stake in its Ernest Henry copper mine in Australia to Evolution Mining for A$880m

Published Wed, Aug 24, 2016 · 09:50 PM
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London

GLENCORE said it expected to exceed a previous target to cut debt but it took a nearly US$400 million hit from a bad bet on coal and echoed warnings voiced by mining rivals of volatile commodity markets.

Along with Anglo American, Glencore was among the companies worst affected by a commodity price rout and has been among the biggest gainers from a rebound this year.

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