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PRESS: Glencore's Mopani Copper In Zambia Closes Two Shafts; Jobs Lost

(Alliance News) - Glencore PLC majority-owned Mopani Copper Mines in Zambia closed two shafts at ...

Alliance News 8 August, 2019 | 6:29PM
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(Alliance News) - Glencore PLC majority-owned Mopani Copper Mines in Zambia closed two shafts at its Nkana mine in a move that led to job losses, Reuters reported on Thursday.

The business news wire cited a Mopani spokesman as reporting: "The closure of the two uneconomic shafts was always part of our plans."

The spokesman told Reuters the move would allow the firm to channel funds towards the completion of other expansion projects. The firm would not confirm how many jobs were to be lost by the non-renewal of the job contracts associated with the Mindola north and central shafts.

https://www.reuters.com/article/us-zambia-mining-glencore/glencore-zambian-unit-closes-two-mine-shafts-opposition-sees-1400-job-cuts-idUSKCN1UY1T3

Shares in Glencore closed 2.8% higher at 235.80 pence in London on Thursday.

According to the 2018 annual report of Glencore, the FTSE 100-listed commodities trader and miner held a 73% interest in Mopani.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Glencore PLC 256.55 GBX 0.88

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Alliance News

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