Glencore will suspend production in Africa to increase metals

The Swiss raw material trader Glencore suspenses the production of copper in the Congo and Zambia in order to reduce the market and thereby, it is possible to increase metals prices, the company's plan for a reduction in net debt published on September 7.

The company expects to bring about 400 tons of products from the market in this way.

Glencore intends to reduce the net debt from $ 30 to $ 20 billion. According to the plan, the company will suspend dividend payment for an indefinite period, and also get rid of the assets of $ 2 billion and will conduct an additional ministry of $ 2.5 billion.

According to the results of the first half of 2015, Glencore profit fell by 56% against the background of a drop in metals, including aluminum and nickel. Copper prices in 2015 fell to a minimum in six years. According to Bloomberg, the company this year has lost more than half of its market value.

Glencore is one of the largest raw materials traders in the world, it is engaged in metals, fuel and agricultural products, including grain.