Glencore to Cut 124 Jobs at Its Rosh Pinah Zinc Mine

Glencore Plc (GLEN), the biggest publicly traded commodities supplier, is cutting about a fifth of the full-time positions at its Rosh Pinah zinc and lead mine in Namibia.

“The management of Rosh Pinah Zinc Corp. has announced changes that aim to address significant economic pressures,” the company said in an e-mailed statement. “The changes affecting approximately 124 full-time employees are part of an ongoing review of operations.” The company didn’t provide more information.

Rosh Pinah, an underground mine 800 kilometers (497 miles) south of Namibia’s capital, Windhoek, had 600 permanent employees and about 138 contractors and temporary workers by the end of 2013, according to the Namibian Chamber of Mines’ annual report. Output of the concentrated form of zinc, used in everything from steel auto parts to rubber and sunscreen, rose 20 percent to 113,818 metric tons last year from 12 months earlier, while lead production climbed 18 percent to 20,551 tons.

Zinc for delivery in three months has climbed 1.4 percent on the London Metals Exchange this year, while lead has declined 4.3 percent in the period. Glencore’s zinc production dropped 18 percent to 306,000 tons in the first quarter ended March 31, while lead output was little changed at 79,000 tons, the company said on May 6.

Rosh Pinah said it has approached the chamber to help secure new employment for the affected workers.

To contact the reporter on this story: Felix Njini in Windhoek at fnjini@bloomberg.net

To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net Ana Monteiro, Tony Barrett

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