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(Adds detail on zinc recycling at Portovesme)
LONDON, Nov 22 (Reuters) - Miner and commodity trader
Glencore will put its zinc sulphide operation in
Portovesme, Italy, on care and maintenance until there is "a
meaningful change in power market prices", the company said on
Monday.
The plant, which has capacity of 100,000 tonnes a year, will
enter care and maintenance by the end of December at the latest.
European power prices have soared this year, mainly because
of the rising price of natural gas used for power generation and
heating, low renewable energy output and higher carbon prices.
"This decision has been taken due to high power prices
experienced in Italy and the rest of Europe," Glencore said.
"As an electro-intensive industry, Portovesme is highly
dependent on competitive and stable electricity prices."
The decision, which affects about 400 direct employees, will
continue to be reviewed against the backdrop of the European
energy market, Glencore said.
Glencore's zinc recyling and lead production facilities at
Portovesme will continue as normal.
The company produced 787,200 tonnes of zinc in Europe last
year.
Global zinc production is estimated at about 14 million
tonnes this year, with about half of that expected to come from
China, the world's largest producer.
(Reporting by Pratima Desai
Editing by David Goodman)
