ZURICH: Swiss mining giant Glencore, hit by collapsing commodities prices, announced on Monday drastic moves to cut its $30 billion-dollar debt by about a third, as the slowdown in China wreaked further havoc across markets.

Glencore, which has lost more than 50 per cent of its market value this year, said it planned to raise $2.5 billion (2.2 billion euros) in share sales and suspended dividend payments until further notice.

The moves were aimed at cutting about $10.2 billion in debt by the end of next year.