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GlencoreXstrata copper output up 18% in 1st quarter

Keywords: Tags  XstrataGlencore, copper, alumina, zinc, production, nonferrous

SINGAPORE — GlencoreXstrata Plc reported an 18-percent increase in copper output from its own mines in the first quarter vs. the same quarter last year due to a rise in production at its African operations.

Total own-sourced copper output stood at 321,800 tonnes in the first quarter, the company said in its first joint production report after the takeover of global miner Xstrata Plc by commodities trader Glencore International Plc earlier this month.

The performance of the marketing arm during the quarter was broadly in line with expectations, the company said.

GlencoreXstrata’s Antapaccay mine in Peru and Mount Margaret (Ernest Henry) mine in Australia saw strong ramp-ups following commissioning in the second half of 2012, the commodities company said. African copper production was up 44 percent year on year to 83,600 tonnes with strong sequential quarter-on-quarter growth at its Katanga and Mutanda mines in particular, it added.

Major expansion projects at Katanga and Mutanda copper mines in the Democratic Republic of Congo are expected to increase annual copper cathode production to 270,000 tonnes and 200,000 tonnes respectively, GlencoreXstrata said. Both projects are on track for completion in 2013.

In the first quarter of 2013, GlencoreXstrata’s total zinc output using feed from own sources was largely flat at 386,900 tonnes. Meanwhile, lead output fell 10 percent year on year to 80,000 tonnes in the quarter, while nickel production rose 4 percent year on year to 25,500 tonnes.

"Metals and minerals delivered solid results despite some softening in prices towards the end of the quarter," the company said.

A version of this story was first published in AMM sister publication Metal Bulletin.

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