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Glencore issue $2.5 billion in shares, plans to cut debt by $10 billion

Staff writer |
Glencore announced a $10 billion packet of debt reduction measures. The company will issue up to $2.5 billion of new share, cut dividends, sell assets and look to offload a stake in its agricultural business to a third party.

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Glencore also announced plans to suspend production at its copper operations in the Democratic Republic of Congo and Zambia in a move it says will take 400,000 tonnes out of the market and potentially provide a boost to metals prices.

The package of measures will reduce Glencore's net debt to around $20 billion from around $30 billion.

Glencore said the equity issuance would be supported by several members of the senior management team, including chief executive Ivan Glasenberg, who currently owns 8 per cent of the company.

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