Glencore story may mirror AGO story......paying down debt and...

Glencore story may mirror AGO story......paying down debt and taking off!

• Jon Yeomans  of the Telegraph Business.

1 DECEMBER 2016 • 4:29PM
Mining and trading giant Glencore has declared “job done” on reducing its vast debt pile as it announced dividends would restart in 2017.
The Switzerland-based company, which was one of the worst-performing stocks in the FTSE 100 last year amid a collapse in commodity prices, will pay out $1bn (£797m) to shareholders next year in two equal tranches, equating to around 7 US cents a share.
Glencore had been forced to suspend its dividend in September 2015 as it concentrated on paying down debt, which had crept as high as $30bn. Chief executive and major shareholder Ivan Glasenberg outlined a plan to assuage investor concerns by raising $10bn through equity issuance, asset sales and mine closures.

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