Glencore Further Slashes 2016 Capex, to Defer Expansions

SUGAR LAND--December 11, 2015--Researched by Industrial Info Resources (Sugar Land, Texas)--Global mining company Glencore plc (Baar Switzerland) plans to defer some of its expansion projects going forward and adopt a slower spending profile as it seeks to put its balance sheet in order. Glencore executives said Thursday the company has cut its capital expenditure guidance for 2016 to $3.8 billion from its previous estimate of $5 billion. Capital expenditures for this year are now estimated at $5.7 billion, down from the previous estimate of $6 billion. Industrial Info is tracking Glencore projects with a total investment value of $16.16 billion, with more than 69% of that amount earmarked for projects in Congo, Canada and Argentina. Within this article: Details of Glencore's planned spending cuts for 2016.