October 20, 2017

Overburdened Glencore shedding assets

As part of lightening its mounting debt burden, mining giant, Glencore is selling some of its assets, which include agriculture business, Australian coal and rail interests.

Recently, the company reported that it will send 40% of its agriculture business, which is valued at $6.25bn, to Canada’s biggest pension fund with an additional 20% valued at about $1.25bn about to be sold.

Glencore says it is committed to meeting its target of reducing net debt from $25.9bn (as of last year) to $17bn.

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