{"id":35402,"date":"2016-02-18T12:59:36","date_gmt":"2016-02-18T09:59:36","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=35402"},"modified":"2016-02-18T16:02:16","modified_gmt":"2016-02-18T13:02:16","slug":"kenya-fluorspar-halts-operations-sends-home-all-staff","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2016\/02\/kenya-fluorspar-halts-operations-sends-home-all-staff\/","title":{"rendered":"Kenya Fluorspar halts operations, sends home all staff"},"content":{"rendered":"<div id=\"attachment_35403\" style=\"width: 640px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.capitalfm.co.ke\/business\/wp-content\/blogs.dir\/3\/files\/2016\/02\/FLOURSPAR.jpg\" rel=\"attachment wp-att-35403\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-35403\" class=\"size-full wp-image-35403\" src=\"https:\/\/www.capitalfm.co.ke\/business\/wp-content\/blogs.dir\/3\/files\/2016\/02\/FLOURSPAR.jpg\" alt=\"Low demand for product and low prices since 2012 has led to losses for three consecutive years despite average revenues topping Sh2.35billion\/FILE\" width=\"630\" height=\"350\" srcset=\"https:\/\/www.capitalfm.co.ke\/business\/files\/2016\/02\/FLOURSPAR.jpg 630w, https:\/\/www.capitalfm.co.ke\/business\/files\/2016\/02\/FLOURSPAR-300x167.jpg 300w\" sizes=\"auto, (max-width: 630px) 100vw, 630px\" \/><\/a><p id=\"caption-attachment-35403\" class=\"wp-caption-text\">Low demand for product and low prices since 2012 has led to losses for three consecutive years despite average revenues topping Sh2.35billion\/FILE<\/p><\/div>\n<p><strong>NAIROBI, Kenya, Feb 18- Kenya Fluorspar Company has once again announced suspension of its operations starting April 30 this year.<br \/>\n<\/strong><br \/>\nManaging Director Nico Spangenberg says closure of the company is as a result of a prolonged slump in global commodity prices which has impacted the company&#8217;s performance.<\/p>\n<p>Low demand for product and low prices since 2012 has led to losses for three consecutive years despite average revenues topping Sh2.35billion.<\/p>\n<p>&#8220;Unfortunately, a collapse of the market in the last six months has led to a dramatic reduction in fluorspar prices and demand and thus the company&#8217;s operations have become unsustainable in the current market,&#8221; the MD said in a notice on Thursday.<\/p>\n<p>The company has said it remains committed to work but cannot predict when operations will resume as this will depend on recovery in global markets.<\/p>\n<p>This is the second time in less than a year that the company is closing shop.<\/p>\n<p>In June last year the firm halted its processing operations citing weak global demand for fluorspar and the commodity&#8217;s depressed prices, but resumed later in August 2015.At the time, the company cut its annual production to 77,000 metric from an earlier estimate of 95,000 tons.<\/p>\n<p>With this closure, over 75 employees across all levels will be sent home but with assurance that they will all get their set send off packages.<\/p>\n<p>&#8220;Today&#8217;s announcement will unfortunately result in the termination of employment of employees across all level of staff. All agreements will be respected and wages and dues paid in full,&#8221; he said, &#8220;In the future when the company becomes financially sustainable to resume operations, current employees will receive preference in re-employment.&#8221;<\/p>\n<p>The closure of the company is seen a major hit to the current Sh1.2 billion mining industry that has already set a target of Sh200 billion in ten years&#8217; time.<\/p>\n<p>It has been one of the few large-scale mining and metallurgical operations in Kenya and ranks as one of the country&#8217;s leading foreign exchange earners.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NAIROBI, Kenya, Feb 18- Kenya Fluorspar Company has once again announced suspension of its operations starting April 30 this year. Managing Director Nico Spangenberg says closure of the company is as a result of a prolonged slump in global commodity prices which has impacted the company&#8217;s performance. Low demand for product and low prices since [&hellip;]<\/p>\n","protected":false},"author":13618,"featured_media":35403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,687],"tags":[],"coauthors":[699],"class_list":["post-35402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kenya","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Kenya Fluorspar halts operations, sends home all staff - Capital Business<\/title>\n<meta name=\"description\" content=\"NAIROBI, Kenya, Feb 18- Kenya Fluorspar Company has once again announced suspension of its operations starting April 30 this year. 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