- 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.
at MarketWatch.com (Aug 27, 2014)