London

GLENCORE plc, the Swiss commodities trader, said it will seek to cut its net debt to as low as US$18 billion by the end of next year, accelerating a programme aimed at reducing its liabilities as raw materials prices plunge.

The company is seeking to reduce its debt to between US$18 billion and US$19 billion by the end of 2016, compared with a previous target of the low US$20 billion, it said on Thursday in a statement. Glencore's net debt totalled US$30 billion at the end of June. It also said it will trim capital spending next year to US$3.8 billion from an earlier estimate of US$5 billion.