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Glencore PLC (GLEN)

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Friday 09 October, 2015

Glencore PLC

Glencore to reduce mine production of zinc

RNS Number : 7383B
Glencore PLC
09 October 2015
 

Baar, Switzerland

9 October, 2015

 

Glencore to reduce mine production by 500,000 tonnes of zinc metal per annum

 

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.

Operation

Estimated annual reduction (kt Zinc metal)

George Fisher & Lady Loretta (Mt Isa)

245

McArthur River

135

Other zinc (South America)

80

Kazzinc

40

Group change

500




Estimated annual reduction (kt Lead metal)

Group change

100

 

For further information please contact:

 

Investors




Paul Smith

t: +41 41 709 24 87

m: +41 79 947 13 48

[email protected]

Martin Fewings

t: +41 41 709 28 80

m: +41 79 737 56 42

[email protected]

Elisa Morniroli

t: +41 41 709 28 18

m: +41 79 833 05 08

[email protected]

Media




Charles Watenphul

t: +41 41 709 24 62

m: +41 79 904 33 20

[email protected]

Pam Bell

t: +44 20 7412 3471

m: +44 77 3031 9806

[email protected]

 

www.glencore.com

 

 www.youtube.com/glencorevideos 

Notes for Editors

 

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise of over 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 181,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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