Glencore Xstrata copper output rises, zinc falls


Glencore Xstrata (GLCNF, GLNCY) says its copper and coal output rose last year, while zinc production dropped.

Among the major diversified miners, Glencore has the biggest exposure to copper; it produced 1.5M metric tons of mined copper from its own concentrate in 2013, up 26% Y/Y, mostly due to higher output from its African mines

Zinc output, another large earnings driver, fell 9% Y/Y to 1.4M tons due to lower production from two Australian mines that reached the end of their lives; the company expects zinc production to return to growth in 2014.

Coal rose 4% to 138M tons last year, driven by several expansion projects at the Colombian Prodeco mine.

Citigroup says the output report was in line with its expectations, although realized coal prices were slightly lower than expected.

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