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Glencore to cut 500,000 tonnes of global zinc output, jobs

Friday, October 9, 2015 - 08:19
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Commodities giant Glencore said on Friday it will cut 500,000 tonnes of global zinc production, around one third of its annual zinc output, due to low prices.

[MELBOURNE] Commodities giant Glencore said on Friday it will cut 500,000 tonnes of global zinc production, around one third of its annual zinc output, due to low prices. "Glencore is announcing today a 500,000 tonne reduction of contained zinc metal mine production across its operations in Australia, South America and Kazakhstan," the company said in a release to the Hong Kong Stock Exchange. "Glencore remains positive about the medium and long term outlook for zinc, lead and silver, however we are taking a proactive approach to manage our production in response to current prices," it said.

Glencore said the move would trigger job cuts across its operations and it would start talks with employees in coming days.

REUTERS