Shares in mining and commodities trading giant Glencore soared more than 12 percent at one point on Monday after the group unveiled plans to cut its debt by about $10 billion in response to a brutal sell-off in raw materials.
In a statement, the London-listed firm, said it would issue up to $2.5 billion of new shares, cut dividends, sell assets and look to sell a stake in its agricultural unit.
In addition, Glencore said it would suspend production at its copper operations in the Democratic Republic of Congo and Zambia. It said that suspending production for 18 months would remove about 400,000 tons of copper off the market.
Investors reacted positively to the news, sending Glencore shares rocketing, before paring some gains to close up around 7 percent at £131.80 ($201.44).
On the London Metal Exchange, copper prices rose after the news, before paring some gains to trade at $5145.50 a ton.
"The announcement that they are going to cut copper production will help tighten the market for copper, which is one of Glencore's most important markets," Paul Gait, senior research analyst for metals and mining at Sanford Bernstein told CNBC.
"The second aspect is that a lot of these concerns were already discounted in the stock," he said. "So what this decision does is unwind some of the more extreme concerns floating out there around Glencore's balance sheet."