Glencore Slashes Full-Year Capex to $6 Billion as Prices, Market Conditions Pummel Bottom Line

SUGAR LAND--August 20, 2015--Researched by Industrial Info Resources (Sugar Land, Texas)--Mining and commodities company Glencore plc (LSE:GLEN) (Baar, Switzerland) was hit with a perfect storm of problems in the first half of 2015 as it endured substantially weaker prices for virtually all of the commodities in which it trades; global markets, particularly in China, proved to be hostile territory; and it faced about $30 billion in net debt, the largest of any mining major. Executives vowed to keep up the effort to reduce capital spending. Industrial Info is tracking more than $17.5 billion in active projects involving Glencore.

Within this article: Details on Glencore's quarter and projects, including massive capital-expenditure reductions and two large projects that are part of the Sudbury Mining Operation in Ontario.