LONDON/MELBOURNE — Glencore, the miner and commodity trader run by billionaire Ivan Glasenberg, reported a 66% drop in first-half profit on lower raw-materials prices.Net income excluding some items in the six months to June 30 fell to $300m from a year earlier, the Switzerland-based company said in a statement on Wednesday. That compares with a $318m average estimate of 16 analysts compiled by Vuma Consensus and posted to the mining company’s website. Net debt declined to $23.6bn.Last year’s collapse in commodities and Glencore shares forced the firm to roll out a rescue strategy that included scrapping its dividend, selling $2.5bn 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 $16.5bn by year-end. Glencore earlier today announced a $670m deal to sell future output from an Australian gold and copper mine."The mining sector is still in divestment mode...
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