Glencore has announced it is cutting 535 jobs from its zinc mines in Queensland and the Northern Territory.

The company will suspend operations at the Lady Loretta mine, in Queensland's north-west, while reducing production at Mount Isa's George Fisher Mine and the McArthur River mine in the Northern Territory.

The Lady Loretta mine will lose 242 workers, 224 will be cut from George Fisher, and 69 at McArthur.

About two-thirds of the 535 sacked workers will come from fly-in, fly-out crews.

Glencore says it is part of a global reduction in its zinc production designed to preserve the value of zinc reserves in the ground.

“This decision has not been taken lightly,” a company statement said.

“In the coming days we will engage with all employees and put in place support services to assist our people who may be affected as a result of these changes.”

Voluntary redundancies and opportunities for redeployment have reportedly been offered.

“It's a tough day to give the news, and no doubt it's a tougher day to hear this news,” George Fisher Mine General Manager Chris McCleave told the workforce.

“It is not an enjoyable decision that's been made, but it is the responsible thing to do to preserve the value of Mount Isa's zinc resources.”

Queensland Premier Annastacia Palaszczuk said it was a huge blow, but that she understood the reasons.

“I think many of the members of the community will be absolutely gutted today at the decision,” she told ABC reporters.

“I think today is the culmination of global impacts of downturn in commodity prices which we are seeing a number of companies facing.

Ms Palaszczuk said there could be something that the State Government could do.

“In the past the Government has put in place flying squads which is a group of employment advisers which go into these regions and try to help these workers transition into other jobs so that is something my Government will give careful consideration to.”