The company, headquartered in the canton of Zug, had in September announced drastic moves to trim its towering debt, but said it now needed to do more. Glencore said it wanted to lower debt to between $18-$19 billion by the end of next year, after previously announcing a target of $20 billion. Spending projections have also been cut back, with $3.8 billion allocated for investments in 2016, down from an earlier estimate of $5 billion. Highlights of the updated plan to stabilise the company's books include new share sales and plans to spin off copper mines in Australia and Chile. Glencore, the world's most indebted mining company, said it had already achieved $8.7 billion in reduction to its debt, which had stood at $30 billion. Broadly, the measures underscored the continuing rout in the commodities market, which analysts say has no end in sight and has forced major players in the sector to recalibrate after years of bumper profits.