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BRIEF-Glencore announces new distribution policy for 2018
December 1, 2016 / 7:15 AM / a year ago

BRIEF-Glencore announces new distribution policy for 2018

Dec 1 (Reuters) - Glencore Plc

* Glencore plc - investor update

* Debt reduction plan nearing completion and capital structure repositioned

* On track for $16.5-$17.5 billion net debt by end 2016

* Divestment processes successfully completed at $6.3 billion versus original guidance of $1-2 billion

* 2017 illustrative free cash flow of c.$6.5 billion from EBITDA of c.$14.0 billion at calendar 2017 prices

* 2016 marketing EBIT expected towards upper end of recently tightened guidance range of $2.5 to $2.7 billion

* New distribution policy to take effect from 2018, comprises of fixed $1 billion base distribution

* New distribution policy comprises also of variable distribution representing min payout of 25 percent of industrial free cash flow Source text for Eikon: Further company coverage:

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