(Bloomberg) -- Glencore Plc, the miner and commodity trader run by billionaire Ivan Glasenberg, reported a 66 percent drop in first-half profit on lower raw-materials prices.

Net income excluding some items in the six months to June 30 fell to $300 million from a year earlier, the Baar, Switzerland-based company said in a statement Wednesday. That compares with a $318 million average estimate of 16 analysts compiled by Vuma Consensus and posted to the mining company’s website. Net debt declined to $23.6 billion.

Last year’s collapse in commodities and Glencore shares forced the firm to roll out a rescue strategy that included scrapping its dividend, selling $2.5 billion of stock, disposing of assets and slashing spending. The shares have doubled this year as Glasenberg checked off targets on the plan designed to almost halve borrowings to as low as $17 billion by year-end.

Peter Grauer, the chairman of Bloomberg LP, is a senior independent non-executive director at Glencore.

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