Glencore is announcing today a 500,000 tonne reduction of contained zinc metal mine production across its operations in Australia, South America & Kazakhstan. The main reason for the reduction is to preserve the value of Glencore’s reserves in the ground at a time of low zinc and lead prices, which do not correctly value the scarce nature of our resources.
These changes, which represent around one-third of Glencore’s annual zinc production, will reduce fourth quarter 2015 mine production by approximately 100,000 tonnes of contained zinc metal.
Glencore's operations at Lady Loretta in Australia and Iscaycruz in Peru will be suspended and operations at George Fisher and McArthur River in Australia and various mine operations in Kazakhstan will reduce production levels.
Glencore remains positive about the medium and long term outlook for zinc, lead and silver prices. This decision will ensure that our zinc operations are sustainable well into the future, providing jobs in the communities where we operate and returns to shareholders.
These changes, although temporary, will unfortunately affect employees at our operations. This decision has not been taken lightly. In the coming days we will engage with all employees and put in place support services to assist people who may be affected as a result of these changes.
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