29th Sep 2015 15:27
LONDON (Alliance News) - Mining and commodities trading firm Glencore PLC said it is "operationally and financially robust" and has "no solvency issues", the BBC reported Tuesday.
The FTSE 100 company's shares fell 29% on Monday, hit by weak Chinese industrial profits data and a note from Investec saying it believes nearly all the equity value in mining giants Glencore and Anglo American could "evaporate" if commodity prices remain subdued and the companies do not undertake substantial restructuring measures.
A Glencore spokesperson told the BBC on Tuesday that "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," the spokesperson added.
Shares in Glencore rebounded somewhat Tuesday and were up 17% at 80.00 pence late Tuesday afternoon.
http://www.bbc.co.uk/news/business-34388600
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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