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