Glencore and joint venture partner Merafe Resources were considering restructuring their Rustenburg ferrochrome smelter, which could result in 665 job losses, of which 619 were long-term employees.

The restructuring was due to the sharp increase in prices of South African electricity company Eskom, cross-subsidies, and the country's new carbon tax, which has caused a significant increase in production costs.

The smelter produced approximately 430,000 tons of ferrochrome per year, but the smelter's furnace technology was backward, which also reflected that the smelter no longer had the financial capacity to continue operations.

The company has held consultations with staff representatives and government officials, but Glencore has not stated the size of the restructuring.

As the global economy slowed down, more and more companies were laying off workers in South Africa.