British-Swiss Glencore’s Zambian unit to close two copper mine shafts

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British-Swiss Glencore’s Zambian unit to close two copper mine shafts

The British-Swiss multinational commodity trading and mining company, headquartered in Baar, Switzerland, Glencore Plc. had been planning to shut down two shafts at its Nkana copper mine in kitwe, the Glencore-owned Mopani said at a statement on Friday, the 10th of May 2019.

Nevertheless, the move would likely to impact submissively more than 2,000 workers and to directly affect over one thousand miners. The latest closure of a copper mine had been the latest of a string giving rise to a potential supply crunch, which should support copper price, however, commodity analysts had been quoted saying following the latest shutdown of another copper mine that the decline of supply would likely to be overshadowed by an escalating Sino-US trade war, which had dragged down the copper price to a three-month-low last week.

Nevertheless, the Glencore’s Zambian subsidy, Mopani said in a statement on Sunday (May 12th) that the mining company would be halting operations at their Mindola North and Central shafts of the Nkana mines to focus on other activities.

Adding that the shafts had reached their end of economic lifecycle, the company said, “We believe this approach will enable us to focus on achieving both safe and productive outcomes which are essential to position Mopani for a successful future”.