It also signed a deal to get $900 million up front from its Antamina silver mine in Peru.
But the cost of credit default swaps on Glencore — effectively insurance against the firm going bust — has surged since January as investors bet against the business.
Glasenberg told analysts: “We have accelerated our actions in the face of further price weakness since our September announcement.”
The Glencore boss added: “We retain a high degree of flexibility and will continue to review the need to act further as required.”
Shares in the company surged by 12%, or 10.1p, to 93.1p as the City welcomed the increased debt-reduction plan, but are still down 69% this year.
"In the current price environment the company will need to show continual delivery against this plan."
That makes them one of the FTSE 100’s worst performers and wiped more than £2 billion off the value of Glasenberg’s 8.4% stake in the company, which floated at 530p a share in 2011.
Glencore’s trading division will make underlying profits of $2.5 billion in 2015, at the low end of previous guidance of between $2.5 billion to $2.6 billion.
The operation will make between $2.4 billion and $2.7 billion next year — lower than its longer-term guidance — reflecting lower volumes.
Credit Suisse analyst Liam Fitzpatrick said Glencore’s update was “better than expected” but added: “In the current price environment the company will need to show continual delivery against this plan.”
