Commodity price slump claims another victim

Glencore headquarters in Gauteng.

Global mining company Glencore has closed its Eland platinum mine in South Africa due to the ongoing slump in global commodities prices.

Spokesman Gugulethu Maqetuka said 818 workers had been fired while 60 others had been moved to the firm's other operations.

Glencore said in August it was in the process of reviewing the operation because of “ongoing poor market conditions in the platinum sector and difficult operational conditions at the mine”.

Platinum prices have dropped almost 50% since 2011.

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