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Glencore's underlying profit falls, lowers debt target

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".

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