24 August 2016, Lagos – Mining giant Glencore reported reduced first-half losses on Wednesday, as the company pushes forward with an aggressive cost-cutting plan to recover from a brutal 2015.
The Switzerland-based company posted a loss of $369 million (327 million euros) through the first half of the year, an improvement on the $676 million Glencore lost in the first six months of last year.
The company, led by hard-nosed chief executive Ivan Glasenberg, has responded to the collapse of the commodities market by reining in spending, scrapping dividends and closing operations across the world.
Glasenberg said Glencore was on track to continue reducing its daunting debt mountain — which stood at $30 billion in 2015.
“We remain confident and focused on achieving even lower than previously indicated net funding and net debt levels by the end of this year,” he said in a statement.
Colin Hamilton, an analyst with Macquarie Group Ltd, told the Bloomberg news agency that the broader mining sector was “still in divestment mode”, but that Glencore was a step ahead.
“They are doing much more work to repair their balance sheet, I would say, than many of their peers,” he said.
Glencore’s share price has more than doubled this year, although its stock was down 2.5 percent on Wednesday, trading at 184.93 pence.