GLENCORE-S (00805.HK) +0.900 (+3.169%) announced that its debt reduction plan is about to complete, and the net debt level is on track at US$16.5-$17.5 billion by the end of 2016. Divestment processes have been successfully completed at US$6.3 billion versus original guidance of US$1-2 billion. The success of deleveraging programme was recognised by the credit markets with spreads and CDS trending towards normalised levels. The group targets a maximum of 2x Net debt/EBITDA through the cycle. The stock trading of
Ivan Glasenberg, CEO, commented that last year the group announced a programme of measures to reduce the debt, and the group has delivered on the commitments and done so in a way that has preserved the long-term earnings capability of the group. Glencore can look forward to the future with confidence, based on its scalable and low cost industrial operations and robust marketing business.
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