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The shares rose as much as 20 percent to 114.45 pence by 8:07 a.m. local time.

The company has been hurt by a China-led slowdown that’s hit prices for commodities, heightening investor concern about its debt.

While Glencore shares jumped 17% on Tuesday, they’re still down almost 77% in the a year ago.

Japan’s Nikkei was down 0.9 per cent, while Australia’s S&P/ASX 200 was 1 per cent higher with a burst of merger activity in the telecommunications sector.

However, the wage agreements signed by unions do not apply to all workers as the Association of Mineworkers and Construction Union (Amcu) is yet to sign.

But it then tumbled back into negative territory, extending the week’s losses after suffering a 30% plunge on Monday. The company, run by billionaire Ivan Glasenberg, rose 11% to 88.88 pence, bringing the two-day gain to 30%.

The FTSE 100 bounced back yesterday, boosted by retailers and mining giant Glencore.

Analysts at Barclays had said that a meeting they’d with members of Glencore’s management addressed many concerns.

Glencore has been at the eye of the storm over its exposure to a slowing Chinese economy and its $29.5 billion (£19.5 billion) debt pile, which the Swiss-based company has been forced by shareholders to slice with a series of self-help measures to raise $10 billion.

In the eurozone, Frankfurt’s DAX 30 slid 1.47 percent to 9,545.90 points and the Paris CAC 40 shed 1.77 percent to 4,401.30.

The call follows the most tumultuous day in Glencore’s five-year spell on public markets as the FTSE 100 company sank a staggering 29 per cent. The fall followed a note from Investec which said the shares could be worthless.

But while analysts and investors were trying to figure out how trading could save a company in crisis, several traders were leaving the firm after what industry sources said were trades that failed to reward the big risks taken and the large amounts of capital employed.

But even if that plan plays out as expected, Glencore will be left with a debt mountain of around $20 billion, which is above its market value – after Monday’s share price plunge, Glencore’s value stood at about $15 billion.

By Tuesday afternoon the company’s stock had risen to 82 pence a share on a volatile day of trading.

Back in 1993, a disastrous attempt to corner the world zinc market cost Glencore $172m (£113m) and nearly bankrupted the company.