Reduction of 500 thousand tons of Glencore zinc

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Drop in mineral prices on world markets has made Glencore cut 500 thousand tons of zinc production which is equivalent to 4 percent of total global output of the metal.A move that caused copper prices to rise by about 10 percent.

The worlds largest zinc miner announced, which amounted to one-third of their total zinc production will stop mainly in Australian mines. The 535 people in the Glencore zinc mine lose their jobs. The price of zinc has dropped by 30% in May and reached its lowest level in five years.

Source: Minews