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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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