Along with steelmaking raw materials - iron ore and coking coal, zinc is the best mining commodity in 2016. It trades at $ 2,374 per tonne, up 47% YTD.
The outlook for zinc has improved significantly after the closure of two major mines last year, the Century in Australia and the Lisheen mine in Ireland. Glencore has also previously cut production to support prices by shutting down mines in Peru and operations in Australia.
On Monday, Glencore announced the closure of another zinc mine due to depletion of reserves. According to the company, the mine began production in 2004 with an initial expectation of eight years of operation, but this lasted 13 years. Glencore said there has been a phased workforce transition program over the past three years, with more employees moving to other operations.
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