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Glencore to cut debt by billions

Glencore has bowed to market pressure and unveiled plans to cut borrowings by US$10 billion via scrapping dividends, assets sales and a $2.5 billion rights issue, with 78% underwritten by Morgan Stanley and Citigroup and management committed to taking up the remaining 22%.

Richard Wachman
Glencore African copper operations (pictured) ... on hold

Glencore African copper operations (pictured) ... on hold

The announcement included measures to take 400 million tonnes of copper cathodes out of the market by suspending the group’s copper operations in the Democratic Republic of the Congo and Zambia. CEO...

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