Glencore is paying its bills

Glencore, the troubled mining and commodities trading company, is paying down its debt.

The company said it paid three bonds worth around $US2 billion and repurchased another $US400 million of debt from creditors.

Glencore is targeting a net debt figure of $US25 billion by the end of the year, reducing it by about a fifth from last year.

The company also gave an update on its plan to cut metals production in the wake of falling prices.

Here’s what it had to say:

To preserve the value of Glencore’s reserves in an environment of low zinc and lead prices, 500,000 tonnes p.a. of mined zinc and 100,000 tonnes p.a. of mined lead production have been curtailed until such time that prices return to sustainably higher levels.

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