Glencore's reputation is still vulnerable despite fundraising

It is the first big London-listed miner in the commodities downturn to have to raise equity to reinforce its balance sheet

The delay couldn't last much longer. A full week had passed since Glencore said it would raise $2.5bn (1.6bn), an interval in which the modest rally in the share price had evaporated. In early trading on Tuesday, shares in the mining-cum-trading house hit a new low of 118p. It was time to get on with the job of raising the cash.

The result is a placing of 1.3bn shares, equivalent to almost 10% of the current equity base. Chief executive Ivan Glasenberg and his executive colleagues are buying 22% of the new shares - at a cost of a shade over $500m - a strong display of confidence, and an even stronger display of personal wealth.

Related: Glencore CEO to shell out $210m during restructuring drive