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Glencore-Xstrata aim to be No. 1 in copper

Keywords: Tags  Glencore-Xstrata, Xstrata, Glencore International, copper, copper production, Shivani Singh


SHANGHAI — Glencore-Xstrata, as it will be known once Glencore International Plc and Xstrata Plc merge, will produce 2 million tonnes of copper by 2016, making it the largest copper company in the world, Xstrata Copper said Thursday.

"The merged company, if approval is granted and other steps in the transaction are completed, will produce well over 1 million tonnes in 2013," according to executive general manager of business development and strategy Andrew Greville.

The approved projects would represent growth toward the potential of 2 million tonnes by 2016, Greville said on the sidelines of AMM sister publication Metal Bulletin’s 8th Asia Copper Conference in Shanghai.

In 2011, Xstrata’s copper output was 889,000 tonnes.

"(The deal) has not yet received approval from the Chinese competition authority," Greville added.

The European Commission last week approved the Glencore-Xstrata deal, but the deal has yet to receive approval from either China’s Ministry of Commerce or the Competition Commission of South Africa, both of which are seen as key to its success.

A version of this article was first published by AMM sister publication Metal Bulletin.


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