Glencore to cut debt further amid price plunge
Its shares have dropped 72% in London this year, and is the second-worst performer in the main index
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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.
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