Glencore to cut 20% jobs at Namibia zinc and lead mine

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  – Global mining and commodity trading Glencore  said it was cutting 124 , or about 20 percent staff, at its Rosh Pinah zinc and lead mine to control costs.

Glencore bought an 80.1 percent stake Rosh Pinah zinc and lead mine, southwestern , 800 kilometers south capital Windhoek, 2011 from South Africa’s Exxaro (EXXJ.J) and other shareholders, and has been reviewing .

“The Rosh Pinah Zinc Corporation has announced changes that aim to address significant economic pressures,” Glencore said in a statement.

“We sympathise and understand that this may be a difficult time for some of employees and their . As a result, we have engaged the Chamber of Mines to coordinate the possible appointment (of the staffers losing their ) at other mines within .”

The underground Rosh Pinah mine produced about 114,000 tonnes of zinc concentrate and 20,550 tonnes of lead concentrate in 2013, up 20 percent and 17.5 percent respectively compared to 2012, according to the Chamber of Mines of Namibia.

The Namibian has 600 permanent employees and about 138 temporary employees and contractors and had a turnover of about 834 million Namibian dollars ($78.1 million) in 2013, according to the Chamber of Mines. (Reuters)