Glencore will suspend almost half its zinc production in Australia as part of broader cuts to the company's global zinc, lead and silver mines in another attempt by the Anglo-Swiss mining and trading house to reduce pressure on already depressed commodity prices.

In a move that will result in the loss of 1600 jobs worldwide, Glencore announced on Friday it was temporarily reducing its zinc production by more than a third, or the equivalent of 500,000 tonnes per year, by either shutting down or cutting back mine operations in Australia, South America and Kazakhstan.