Glencore plan is hit by oil price
GLENCORE has scaled back its spending plans for this year and taken a £500million write down on the value of oil assets in Chad after a sharp fall in crude prices.
Glencore
The mining and commodities giant said its maximum industrial capital spending outlay for this year would be $6billion (£3.8billion), compared with a previous range of $6.5-6.8billion.
Oil and metals prices have fallen as economic growth has slowed in top consumer China.
Glencore paid about £800milion for Chad-focused oil company Caracal Energy last year but has made “significant amendments” to its work programme in response to falling oil prices. Glencore shares fell 3½p to 176¾p.