(MENAFN) Miner and commodities trader Glencore will spin off its stake in troubled platinum producer Lonmin and cut capital spending to help it cope with a plunge in commodity prices, Gulf Daily News reported.
The Anglo"Swiss multinational commodity trading and mining company has been hit by a rout in prices of commodities such as copper, coal and oil in recent months. Its shares have fallen by about 9 percent this year.
"What this feels like to me is that Ivan (Glasenberg, Glencore's chief executive) is trying to get ahead of the story again, to make himself look proactive and everyone else reactive," Bernstein analyst said.
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