Glencore’s latest deal comes months after it slashed the dividend and launched a £2.5 billion rights issue to help cut debts.
Last month the group also announced that it would cut zinc production by a third until prices recover, while a minority stake in its agricultural trading business is also up for sale.
Today it said suspended production would also reduce copper output by 455,000 tonnes — more than expected — by 2017.
The company’s trading division meanwhile performed better over the third quarter, allowing it to maintain full-year profit targets.
"Whilst delivery is positive, more action could be required a year hence."
<p>Investec</p>
The company is targeting net debt of $25 billion by the year end but Investec’s analysts remained bearish, warning: “Fundamentally whilst delivery is positive, more action could be required a year hence if the outlook remains equally bleak.”
Glencore’s shares — as low as 66p two months ago — led the FTSE 100 higher with a 6% or 7.2p rise to 126.6p, on a good day for the miners thanks to higher metal prices.
Anglo American, BHP Billiton and Antofagasta also featured among the strongest blue-chip gainers.
