ΕιδήσειςΕυρωπαϊκές Ειδήσεις Glencore Xstrata First Half Output Broadly Higher Across Commodities dj Τετ, 14 Αυγούστου 2013 - 14:51
Commodities titan Glencore Xstrata PLC (GLEN.LN) Wednesday reported largely higher output across most of its commodities during the first half of this year. The report marks the second set of integrated production results since Glencore completed its all-share, multi-billion dollar merger with Anglo-Swiss miner Xstrata on May 2. Glencore Xstrata, the world's fourth-largest diversified miner with a market capitalization of about $63 billion, has since then been implementing a 100-day integration plan that will remove job duplication, centralize its business structure and streamline its project pipeline. Glencore Xstrata hopes to achieve significantly more than $500 million in annual synergies from the merger, which would be welcomed by investors who are seeking value from mining companies amid falling commodity prices and concerns about the health of the global economy. Glencore Xstrata didn't provide any figures or comments about its marketing activities, a key earnings generator for the combined company. The FTSE-100 miner said its own production of copper, nickel, gold and ferrochrome were up 20%, 1.5%, 10%, and 22% respectively on year in the first six months of 2013, while zinc and lead were the only metals to report a decline in output, dropping 3.3% and 5.4% respectively on year in the first half. Copper output benefited from the continued ramp up in production at its Katanga and Mutanda mines in the Congo , as well as from its Peruvian Antapaccay and Australian Ernest Henry mines. Gold output benefited from the continued ramp up of production at its Vasilkovskoye mine, which is operated by its majority owned Kazzinc unit. Agricultural output rose 31% on year to 3.9 million tons, driven by a rise in oilseed crushing activities which more than offset a decrease in biodiesel, rice milling and wheat milling output. On the energy front, coal output from its own sources rose 4% on year to 67.8 million tons mainly due to higher thermal coal production. Key expansion projects in Australia and in its operation in Colombia Prodeco delivered growth, partly offset by lower production at the Colombian Cerrejon coal mine due to a strike. Meanwhile, oil production on a 100% attributable basis fell 10% on year to 9.94 million barrels of oil. Glencore will report its first half results on Aug. 20. Analysts said the first half output report was solid. JP Morgan said "all key divisions excepting zinc, oil and South African coal delivered substantial... volume increases" in the first half of the year. It noted that the upcoming interim results may be overshadowed by the company's investor day presentation on Sep. 10 where it expects the company to provide the first details of its corporate and capital allocation strategy, project prioritization, synergy and potential disposals since merging with Xstrata. At 0929 GMT, the Glencore Xstrata's shares were up 0.6% at 309 pence a share while the FTSE 350 mining index was down 0.9%. Διαβάστε ακόμα Βουλγαρία: Το Εργοστάσιο που Μετατρέπει τα Αστικά Λύματα σε Ενέργεια Τετ, 28 Αυγούστου 2024 - 17:40 Nexans: Τελεσίγραφο στον ΑΔΜΗΕ για τον Great Sea Interconnector Τετ, 28 Αυγούστου 2024 - 16:00 Βρετανία: Εταίρος και Όχι Μέλος της ΕΕ - Ο Στάρμερ Βάζει Τέλος στα Σενάρια Επιστροφής Τετ, 28 Αυγούστου 2024 - 15:40 Οι Ευρωπαίοι Στρέφονται στα Μεταχειρισμένα Ηλεκτρικά Οχήματα Τετ, 28 Αυγούστου 2024 - 15:20 Lightsource BP: Ολοκλήρωσε και Πούλησε Ηλιακό Έργο στο Ηνωμένο Βασίλειο Τετ, 28 Αυγούστου 2024 - 13:00
Βρετανία: Εταίρος και Όχι Μέλος της ΕΕ - Ο Στάρμερ Βάζει Τέλος στα Σενάρια Επιστροφής Τετ, 28 Αυγούστου 2024 - 15:40
Lightsource BP: Ολοκλήρωσε και Πούλησε Ηλιακό Έργο στο Ηνωμένο Βασίλειο Τετ, 28 Αυγούστου 2024 - 13:00