Glencore reported first-half adjusted underlying profit (EBITDA) down 13 percent at $4 billion, but said it was on track to cut debt through asset sales and set a new target to cut net debt to between $16.5 billion and $17.5 billion this year.
It had said in March that it aimed to cut net debt to $17 billion to $18 billion by the end of 2016.
"We have already largely achieved our asset disposals target of $4-5 billion with a diverse and material pool of asset sales' processes also ongoing,"
Valerian Mazataud | Bloomberg | Getty Images
Glencore's Chief Executive Ivan Glasenberg said in a statement on Wednesday.
He said an upturn in commodity markets had helped, but the company remained "mindful that underlying markets continue to be volatile".