LONDON Glencore Xstrata Plc will raise its annual nickel output to almost 200,000 tonnes by 2015 from 139,000 tonnes in 2012, it said.
Contained annual nickel output from Glencore Xstratas own resources is forecast to reach 195,000 tonnes in 2015 and 199,000 tonnes in 2016, it said Sept. 10, up from an estimated 141,000 tonnes in 2013 and 173,000 tonnes next year.
The nickel market is expected to remain oversupplied due to the ramp-up of large projects now in the commissioning phase, the company said, but noted continued strong demand and a lack of fresh projects in the pipeline.
Glencore marketed more than 230,000 tonnes of nickel concentrates and metal in 2012, prior to its merger with Xstrata. It expects to achieve cost savings of $108 million in 2014 due to the integration of Xstratas nickel business.
A version of this article was first published in AMM sister publication Steel First.