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Glencore says on track to cut debt

Published 10/01/2015, 09:02 AM
Updated 10/01/2015, 09:02 AM

Investing.com - Glencore (LONDON:GLEN) has told investors it is on track to cut debt and shown new data about its secretive trading unit in a fresh attempt to dispel the market worries over its finances which knocked 30% off its share price on Monday.

The stock recovered a further 3% on Thursday after credit analysts from Barclays (LONDON:BARC) said a meeting with members of Glencore's management on Wednesday, including the co-head of corporate finance Carlos Perezagua and the head of strategy Paul Smith, managed to address many concerns of investors and bondholders.

Glencore market jitters were triggered by worries that if the collapse in commodities prices over the past year persists for too long it will stretch the company's ability to earn enough to service its debt.

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