Coal production up 7.0 per cent annually at Xstrata

FTSE 100-listed metal mining company Xstrata has posted strong results for its production in the 12 months to December 31st, a financial update from the company has shown.

FTSE 100-listed metal mining company Xstrata has posted strong results for its production in the 12 months to December 31st, a financial update from the company has shown.

The group, which operates in South Africa, Australia as well as the Carribean, reported record annual thermal coal production, which it said reflected the commissioning of the group's Ravensworth North, Ulan West and Ulan open cut projects in Australia.

Total consolidated coal production reached 90.4m tonnes, 7.0% more than was produced in 2011.

Productivity improvements at Cerrejon and a continued transition of the group's South African thermal coal operations were described as additional contributing factors.

Total nickel production was 106,873 tonnes, representing an increase on the record volumes the company recorded in 2011.

The increase was supported by a full year's production of 15,186 tonnes of nickel in ferronickel from Xstrata's Falconado operation in the dominican Republic.

In addition to strong coal and nickel production, the group reported that construction had been completed on Line 1 at the Koniambo ferronickel operation in New Caledonia.

Following the Line 1 furnace heat during February 2013, the group reported that it expected to be gebnerating commercial grade ferronickel by the end of March.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021