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Glencore cuts jobs at South African coal operations

Shares in trader and miner Glencore surged as much as 20 per cent in London on Monday, following a 25-per cent leap on the Hong Kong market, as hopes for deal-making trumped worries over a slump in metals prices.

[JOHANNESBURG] Miner and commodities trader Glencore has retrenched 240 workers at its South Witbank coal mine in South Africa, which has been shut down after reaching the end of its life, a company spokesman said on Thursday.

Glencore has placed 138 employees who worked at South Witbank in other coal operations, Gugulethu Maqetuka, a spokesman for Glencore's South African operations said.

Maqetuka said the company is also in discussion with labour unions about closing its Witcons coal-processing plant, which will affect 100 employees.