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Don't be fooled by commodity rally: Many producers still face debt cliff

To end the glut firms should cut output, but many are so debt-ridden they must keep churning cash to stay afloat

Freeport-McMoRan, the largest publicly traded copper producer, said it is looking to cut its US$20 billion debt to US$10 billion through multiple transactions.


IF you think commodity producers are out of the woods as markets rally, here's a reality check: many are still grappling to contain debt.

Another year of belt-tightening hasn't kept pace with an earnings slump after prices collapsed. One gauge of leverage among mining,...

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