Update: Mining funds hit as Glencore slumps 24% to record low

Investec warns on shareholder value

Glencore shares have fallen more than 24% today to a new record low, after it announced the sale of its Brazil-based nickel project at a discount price.

The commodity giant's share price fell 24% by mid-afternoon to 74p following the news, meaning it is now 77% lower year-to-date, falling from 298p at the start of January. Glencore announced this morning it had agreed to sell its Araguaia nickel project to Horizonte Minerals for a discount price of $8m (£5.3m). Shares were also dragged down by a warning issued by Investec, which said the firm holds little value to shareholders if commodity prices remain low. The commodity giant has been dragging down the UK's bluechip index ever since it reported disappointing H1 results back in Au...