Glencore's Zambian mine aims to slash 3,800 jobs

Swiss mining giant Glencore, hard hit by collapsing commodity prices, has notified the Zambian government that its Mopani copper mine will lay off nearly 3,800 workers, the labour minister said Wednesday. Glencore subsidiary Mopani Copper Mines cited low copper prices and power shortages in the southern African country as the reason for the job losses, Fackson Shamenda told AFP.
Glencore, which has lost 57 percent of its market value this year, is grappling with tumbling commodity prices as China's economic slowdown weighs on demand and sparks havoc across markets. Mopani mine is the largest employer in the country's mining sector with a workforce of 10,000, and the lay-offs would hit the country's economy hard. "They have given 60 days notice as required by law," Shamenda said. "They intend to lay off close to 3,800 workers but we have directed them to sit down with the unions," he said.