Low zinc prices push Glencore to slash 500 000 t/y of production, shed jobs

Diversified major Glencore has revealed plans to cut back on its production of zinc across its portfolio in Australia, South America and Kazakhstan, saying a 500 000 t/y output reduction would preserve the value of its reserves in the ground at a time of low zinc and lead prices, which it believes does not correctly value the scarce nature of the resource. These changes, which represented around one-third of Glencore's yearly zinc production, would reduce fourth-quarter mine production by around 100 000 t of contained zinc metal and would likely result in job cuts, the company cautioned.