Glencore cuts 4,300 jobs at its Zambia copper mining unit
Glencore has reportedly slashed 4,300 jobs at one of its mines in Zambia, as part of the commodties miner and trader drive to weather the global commodities rout.
In a letter dated October 21, the London-listed company said it's still losing millions of dollars and must take action to ensure its long term viability.
"The company started giving out the letters of redundancy yesterday and has continued with the exercise today," one union official told Reuters, referring to Glencore unit Mopani Copper Mines.
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The union official added that around 5,000 employees working for contractors would also lose their jobs.
Falling copper prices have put pressure on Glencore to whittle down its $30bn (£19.8bn) debt pile. It's since said it intends to raise about $2bn from the sale of assets, such as agriculture and precious metals.
Yesterday, copper prices plunged to a new six-and-a-half year low, as traders bet the metal would fall further amid slowing demand in China.