11th Feb 2014 08:06
LONDON (Alliance News) - Glencore Xstrata PLC Tuesday said it increased production in 2013 across the majority of its portfolio of assets in a production report.
The mining giant said its total own-sourced copper production increased 26% to 1.5 million tonnes in the full year ended December 31, 2013, compared from 2012, driven specifically by strong results from its multiple African copper sites, as well as the Collahuasi mine in Chile, Antapaccay mine in Peru, and Ernest Henry site in Australia.
The company said that its African copper sites increased production 43% to 398,600 tonnes as key expansion projects came into fruition, and the Collahuasi site increased production 58% to 195,600 tonnes as production ramped up on its SAG mill restart and a return to higher grade recovery.
Glencore said its zinc and lead production fell during the year as its Perseverance and Brunswick mines in Canada reached the end of their mine lives in June 2013. The company said that excluding Perseverance and Brunswick data, zinc production increased by 7% in 2013.
The company said its ferrochrome production increased 32% to 1.2 million tonnes, due to the higher utilisation of smelters and furnaces, along with the commissioning of its Tswelopele pelletising plant in South Africa.
Glencore added that its own sourced gold production increased 14% to 1.0 million ounces in 2013 based on strong growth at its Kazzinc mines in Kazakhstan and Antapaccay mine.
The company added that coal production jumped 4% to 138.1 million tonnes due to key expansion projects, and the company saw a fourth-quarter increase in all base metals production compared to the third quarter.
Glencore said that during the period it successfully started production of the Alen oil field in Equatorial Guinea and Badila oil field in Chad, while a new resources and reserves report produced Tuesday said that the company has increased its proved and probable net oil reserves 129% to 87 million barrels of oil equivalent.
The report also showed a significant growth in its Mutanda copper ore reserves and mineral resources in the Democratic Republic of Congo, which were up respectively 23% and 25% to 2.0 million and 7.4 million tonnes of contained copper, and an increase in the company's iron ore mineral resources by 21% to 4.6 billion tonnes of contained iron.
Glencore shares were up 0.8% to 328.80 pence at the market open Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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