Notwithstanding its cash-generative business and secure liquidity positions, the board of Glencore has concluded that it would be inappropriate to make a distribution to shareholders in 2020, Glencore CEO Ivan Glasenberg said on Thursday. Instead the London- and Johannesburg-listed diversified mining and marketing company stated in its half-year report that it would be prioritising the acceleration of net debt reduction to within its target range of $16-billion, which was currently expected to occur by the end of 2020.
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