Reuters reported that mining giant Glencore Xstrata plc (LSE:GLEN) plans to cut 124 jobs at its Namibia-based Rosh Pinah zinc-lead mine. That’s equivalent to 20 percent of the mine’s staff.
As quoted in the market news:
‘The management of Rosh Pinah Zinc Corporation has announced changes that aim to address significant economic pressures,’ Glencore said in a statement.
‘We sympathise and understand that this may be a difficult time for some of our employees and their families. As a result, we have engaged the Chamber of Mines to coordinate the possible appointment (of the staffers losing their jobs) at other mines within Namibia.’
Investing in zinc? Zazu Metals Corporation (TSXV:ZAZ) holds a 50% interest in the Lik Project in Alaska, a joint venture with Teck Resources Limited. The PEA on Lik South estimates that 17.1Mt tonnes of ore milled at an average grade of 7.7% zinc, 2.6% lead and 47 g/t silver would come from the Lik South project.
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