Glencore Xstrata increases output of most commodities in 2013

11th Feb 2014 07:00

- Metal output mostly rises, except for zinc, lead and nickel- Copper output up 26 per centGlencore Xstrata increased production across most of its major commodity classes in 2013, the commodities trader and mining giant said on Tuesday.The firm, which was formed through the merger of Glencore International and Xstrata in May 2013, reported that total own sourced copper output rose 26% to 1.5m tonnes last year, driven by strong growth in Africa, South America and Australia.The production of other metals and minerals such as gold, silver, cobalt, ferrochrome, platinum, palladium, rhodium and vanadium pentoxide also increased year-on-year. Zinc, lead and nickel output, however, dipped slightly.Coal production increased by 4% to 138.1m tonnes, mainly attributable to growth projects at Prodeco in Colombia and higher Australia thermal coal. Growth, however, was limited in 2013 by a number of decisions to cut back production at lower return operations/areas in response to the low coal price environment.Glencore Xstrata's oil assets produced 22.54bn barrels of oil during the year, more or less unchanged from 2012.Meanwhile, the company processed 9.3m tonnes of agricultural products in 2013, up 26% year-on-year. The stock was up 0.9% at 328.95p in early trading on Tuesday.BC