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Anglo American cuts net debt to $11.7 bln, on track for less than $10 bln

Reuters - UK Focus

LONDON, July 28 (Reuters) - Miner Anglo American cut its net debt to $11.7 billion by the end of June from $12.9 billion at the end of December, it said on Thursday.

The miner has previously said it is seeking to sell $3 billion to $4 billion of assets in 2016, including its iron ore, coal and nickel units. So far it has agreed asset sales worth $1.5 billion.

"The decisive actions we have taken to strengthen the balance sheet put us well on track to achieve our net debt target of less than $10 billion at the end of 2016," Chief Executive Mark Cutifani said in an interim results statement. (Reporting by Barbara Lewis and Mamidipudi Soumithri; editing by Susan Thomas)