Lady Loretta’s operations have been suspended.

George Fisher’s and Lady Loretta’s annual zinc production will be cut by 245,000 tonnes. 

The company’s press release was embargoed until 9am today. 

Glencore acknowledged there will be employee cuts but did not include the number in its press release.

It has been published here in full: 

Glencore plc has today announced its global zinc business will reduce annual zinc metal mine production across its operations in Australia, South America and Kazakhstan by approximately 500,000 tonnes or one-third. 

In Australia, Glencore will temporarily suspend operations at Lady Loretta and reduce production at our George Fisher and McArthur River operations.

These measures will commence in Q4 2015, and will reduce annual zinc metal mine production at Lady Loretta and George Fisher (Mt Isa) by 245,000 tonnes and at McArthur River by 135,000 tonnes.

Glencore remains positive about the medium and long term outlook for zinc, lead and silver, however we are taking a proactive approach to manage our production in response to current prices. 

Glencore believes that current prices do not correctly value the scarcity of our zinc resources. 

Our finite resources are valuable and reducing production, in response to current prices, preserves value and optionality for all stakeholders.

Glencore is a long term investor in Australia and has over the past 2 years invested over $1 billion across our zinc operations.

During this temporary suspension, we will continue to fund several large scale projects at our operations. 

These changes, although temporary, will unfortunately affect employees at our operations.

This decision has not been taken lightly.

In the coming days we will engage with all employees and put in place support services to assist our people who may be affected as a result of these changes. 

This decision will ensure that our zinc operations are sustainable well into the future, providing jobs in the communities where we operate, royalties to the government and returns to shareholders.

Note: An earlier version of this story contained a different image of Glencore operations.