Glencore, the troubled mining and commodities trading company, is accelerating its program to pay off a huge debt pile.
The company said it was targeting a total net debt of $18 billion (£12.8 billion) next year, several billion dollars less than it had originally planned.
Chief executive Ivan Glasenberg said: “Glencore is well placed to continue to be cash generative in the current environment — and at even lower prices. We retain a high degree of flexibility and will continue to review the need to act further as required.”
To help hit its debt repayment target, Glencore is slashing its capital expenditure from $5 billion to $3.7 billion for 2016.
Last month the company paid three bonds worth around $2 billion and repurchased another $400 million of debt from creditors.
Glencore’s shares have plummeted by more than 60% this year on investor concerns that falls in commodities prices and slowing demand in China would leave the company unable to pay its huge debts.
Here’s what that looks like:
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