Glencore PLC unit Mopani Copper Mines PLC shut down the Mindola north and central shafts at its Nkana copper mine in Zambia, in a move that was previously announced in mid-May, Reuters reported Aug. 8, citing a company statement.
A Mopani spokesman said the company can now use the funds to complete other expansion projects.
The company did not say how many workers were affected, however, according to the president of the opposition Democratic Party, Harry Kalaba, 1,400 contract jobs were lost as a result of the move.
Mopani previously said that the shafts have reached their end of economic life and it can no longer afford to operate old and inefficient shafts.
Glencore recently announced the closure of the Mutanda copper-cobalt mine in the Democratic Republic of the Congo due at the end of the year on slumping cobalt prices and rising costs.
The mining giant booked a 92% slump in attributable net income to US$226 million, or 2 US cents per share, in the first half mainly driven by lower average year-over-year commodity prices and impairment charges at its African copper and Chad oil portfolios.