BAAR, SWITZERLAND — Glencore has reduced its debt by $8.7 billion and is in the process of selling a minority stake in its Agriculture business, the company announced on Dec. 10.

Glencore said that it wanted to reduce its $30 billion debt by $10 billion. Glencore said it is now targeting debt reduction of $13 billion by the end of 2016, leaving its net debt at $18-$19 billion.

Glencore is in the process of the sale of a minority stake in its Agriculture business, the company said. It has a broad spectrum of interested participants interested in the sale: financial investors, private equity, pension funds and sovereign wealth funds. Indicative bids are expected by mid-December and Glencore is targeting the signing and announcement of the sale in the first half of 2016, the company said.

“In September, we announced a number of measures to reduce our debt,” said Ivan Glasenberg, Glencore’s chief executive officer. “Today we show significant delivery on those commitments, with $8.7 billion achieved to date, and are able to announce an increase in our net debt reduction target measures by almost $3 billion to $13 billion. Glencore is well placed to continue to be cash generative in the current environment – and at even lower prices. We retain a high degree of flexibility and will continue to review the need to act further as required."

On Aug. 13, Glencore reported that its Agriculture segment produced 4.5 million tonnes in the first half of 2015, compared with 4.8 million tonnes a year earlier. Crush volumes were in line with the prior period, but wheat milling was down 7% to 486 million tonnes. Rice milling production was down 28% to 91 million tonnes.

Switzerland-based Glencore is one of the world’s two biggest wheat traders, handling 18% of the world’s seaborne trade, and is one of the top three agricultural exporters in Russia, Canada, Australia, and the E.U. The group is vying for a position among the world’s biggest ‘ABCD’ commodity traders – Archer Daniels Midland Co., Bunge Ltd, Cargill Inc., and Louis Dreyfus Commodities BV.