Kenya Fluorspar Mining Company is set to suspend its operations come April 30, 2016.
According to a statement by Nico Spangenberg, the company’s managing director, the closure of the mine will result in termination of employment for staff across all levels.
“Low demand and prices since 2012 has led to losses for the last three years. Unfortunately, a collapse in market conditions in the last six months has led to dramatic reduction in fluorspar prices and demand and thus the company’s operations have become unsustainable in the current market,” Mr Spangenberg said in a statement.
The company has, however, undertaken to pay all salaries and wages to its staff.
“In the future, when the company becomes financially sustainable to resume operations, current employees will receive preference in re-employment,’ he said. Though it’s not clear of when it expects to resume operations.
Fluorspar is used in the making of glassware and air conditioning systems.
The effects of the closure will be felt in in Nakuru as some of the workers in the company hail from the county.