Evolution Mining Ltd.OTCPK - Current
Evolution Mining Handing It To La Mancha
Wed, Aug. 24, 4:06 AM
- Glencore's (OTCPK:GLCNF) H1 adjusted net profit slumped two thirds to $300M and missed consensus of $318M.
- Adjusted underlying profit (EBITDA) fell 13% to $4B.
- Still, Glencore has cut debt to $23.6B by divesting assets and today said that it's agreed to sell future output from an Australian gold and copper mine for $670M to Evolution Mining (OTCPK:CAHPF).
- Glencore also set a new target of reduce debt to $16.5-17.5B by the end of year vs a previous aim of $17-18B.
- Shares are -2.6% in London. (PR)