Mining giant Glencore’s chief Ivan Glasenberg has announced the company is cutting its national production by 15 million tons, Australian ABC reported.
Glasenberg said the company’s balance sheet is “strong and flexible” and he is “confident about the company’s future.”
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Glencore operates 20 mines in Australia. There was a small drop (2%) in earnings before interest, taxes and depreciation. Coal production growth rose by 6 per cent to 150 million tons and copper production growth rose 4 per cent.
About a week ago, Glencore announced it was cutting back on its 2015 production, resulting job losses.
The move has reduced Glencore’s debt by more than $5 billion.
Glencore’s 2014 debt has been decreased by $5.3 billion dollars to $30.5 billion.
The billionaire Ivan Glasenberg’s father, Samuel Glasenberg, was “a luggage manufacturer and importer born in Lithuania.” Glasenberg is a champion race-walker, competing both for South Africa and Israel. He runs and swims daily to maintain his fitness in the village of Rüschlikon, Switzerland, where lives with his wife and two children.
