From the AFR:
Glencore will suspend almost half its zinc production in Australia as part of broader cuts to the company’s global zinc, lead and silver mines in another attempt by the Anglo-Swiss mining and trading house to reduce pressure on already depressed commodity prices.
…The cuts in Australia are expected to result in the loss of 535 jobs, which represents about 18 per cent of the zinc division’s local workforce. Glencore’s annual lead production is also expected to be reduced by 100,000 tonnes as a result of the changes.
This comes on top of Aurizon earlier this week, from the SMH:
Rail group Aurizon will deepen its cost-cutting program, slashing up to $380 million over the next three years and getting rid of more than 800 jobs as the resources slump curbs demand for its coal haulage services.
“Subdued commodity prices, resulting in a lower volume and revenue growth outlook for Aurizon in the short to medium term, means that more than ever we need to ramp up our transformation program,” said Aurizon’s chief executive, Lance Hockridge told an investor briefing in Sydney.
Add it to the tally of LNG, iron ore and coal capex cliff job losses.
