- Glencore (OTCPK:GLNCY) said it expects net debt to fall to $25B by the end of the year from $29.6B at June-end, in one of the first official updates from the company since its share price plummeted in September on concerns about its high debt levels.
- The firm also revealed it was working on a second so-called streaming deal – selling the long-term rights to buy precious metal in return for an upfront payment - and reiterated guidance for its trading arm, the company's main cash generator.
- Glencore shares rose 6% on the news in London, but have fallen almost 60% YTD.