Glencore widens debt-trimming plan

ZURICH: Glencore, the world’s largest mining company, widened its debt-trimming plan on Thursday (Friday in Manila) with deep cuts in investment and more asset sales in an effort to cope with a dramatic commodities downturn.

The Switzerland-based company’s share price, listed in London, leaped by double-digits as investors welcomed the decision which comes after mining giant Anglo American said it will reduce its workforce by almost two-thirds and Rio Tinto, another major mining player, announced slashing capital spending.