WASHINGTON (dpa-AFX) - Commodities trader Glencore International Plc. (GLCNF.PK, GLNCY.PK, GLEN.L), which acquired miner Xstrata last year, Tuesday reported higher copper and coal production for the first nine months of the year. Glencore said all production information has been presented on a combined basis.
Own sourced copper production rose 8 percent to 1.15 million tonnes. The growth was mainly due to the ramp-up at Mutanda and Katanga and higher production at Collahuasi following the restart of the SAG mill mid-2013.
However, own sourced zinc production fell 6 percent to 998,000 tonnes, mainly due to the closure of the Perseverance and Brunswick mines in June 2013. However, production grew sequentially, comprising the ramp-up at Perkoa and the Australian expansions, the company noted.
Own sourced nickel production slid 1 percent to 75,000 tonnes. The ramp-up at Koniambo and strong growth in production at INO were offset by the impact of the Falcondo, Cosmos and Sinclair mines that were placed into care and maintenance in 2013.
Attributable own sourced ferrochrome production improved 5 percent to 939,000 tonnes, reflecting the non-recurring Eskom power buy-back program in 2013 and the ramp up of Lion phase 2.
Own sourced coal production climbed 7 percent to 111.4 million tonnes, as Australia thermal coal output improved, reflecting productivity improvements and the delivery of various advanced stage expansion projects.
Glencore entitlement oil production jumped 50 percent to 5.1 million barrels, reflecting the commencement of production at Alen and Badila in 2013. Glencore's Chad volumes increased as a result of the acquisition of Caracal in July.
Gold production increased 70 percent to 46,000 oz, owing to higher grades and the treatment of more Ernest Henry material than in 2013.
Glencore had made an informal enquiry to Rio Tinto in July to gauge its interest in discussing a potential merger between the two companies to create a $160 billion mining behemoth. However, Rio Tinto was not interested, and Glencore last month confirmed that it is no longer in active talks on a potential merger with Rio.
The stock added 0.8 percent in early morning trade to 317.30 euros.
Copyright RTT News/dpa-AFX