Global mining house Glencore has recently come under fire in the media – many of whom have been questioning the company’s value and on-going condition in the current commodity price recession. Today the company issued a statement in retaliation to this.
Glencore has taken proactive steps to position our company to withstand current commodity market conditions. Our business remains operationally and financially robust – we have positive cash flow, good liquidity and absolutely no solvency issues.
We are getting on and delivering a suite of measures to reduce our debt levels by up to US$10.2 billion -thanks to long term relationships we have with the banks.
We remain focused on running efficient, low cost and safe operations and are confident the medium and long-term fundamentals of the commodities we produce and market remain strong into the future.
While there is no doubt that the company’s share price and financial status has deteriorated drastically in recent months, the short to medium term future will reveal Glencore’s financial security and shareholder value.