Glencore announces extraordinary moves to cut debt

GMT 15:03 2015 Monday ,07 September

Arab Today, arab today Glencore announces extraordinary moves to cut debt

Zurich - AFP

Swiss mining giant Glencore, suffering from plunging commodities prices, announced on Monday a series of extraordinary measures to reduce debts, including plans to raise $2.5 billion (2.2 billion euros) in equity.

Glencore said it had suspended dividend payments "until further notice", as it reels from what the company had previously described as the worst commodities market since the financial crash of 2008.

Production has also been suspended at operations in Zambia and the Democratic Republic of Congo, the company further said, citing the "challenging" market.

Despite some positive indicators, including "strong liquidity," Glencore's CEO Ivan Glasenberg said "recent stakeholder engagement in response to market speculation around the sustainability of our leverage, highlights the desire to strengthen and protect our balance sheet amid the current market uncertainty."

Glencore shares soared nearly 12 percent in early trade in London.


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