Glencore slashes spending and output targets to cope with coronavirus [Toronto Globe and Mail (Ontario, Canada)]
Freeport-McMoRan, Inc. (FCX)
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Source: Toronto Globe and Mail
Glencore slashes spending and output targets to cope with coronavirus Glencore cut its 2020 capital expenditure and output targets on Thursday to reflect the impact of the coronavirus on its operations, saying the belt-tightening left it well placed to weather the pandemic. The miner and trader, reporting first-quarter production data, said spending for the year would fall by $1 billion-$1.5 billion from an original expectation of $5.5 billion. Government restrictions to curb the spread of COVID-19 forced miners including Glencore to shut some operations while the industry also lowered spending for the year. Glencore and its peers have strengthened their balance sheets since the commodities crash of 2015-16 by paying down debt, cutting costs and holding back on expensive transactions. “Given our strong liquidity position and resilient business model, we are well positioned to navigate the current challenges,” CEO Ivan Glasenberg said in a statement. Glencore closed some operations in
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