Glencore sees overall volume improvement in 2012

Glencore International, the integrated commodities producer and marketer, said that all its industrial growth projects continued to deliver overall volume improvement in 2012.

Glencore International, the integrated commodities producer and marketer, said that all its industrial growth projects continued to deliver overall volume improvement in 2012.

Own gold production from its Kazzinc division - one of its biggest units (in terms of revenue) in which it owns a 69.6% interest - rose 22% last year with recovery rates continuing to improve. The surge reflects growth at Altyntau as well as benefits from gold recovered from the copper smelter.

The successful ramp-up of this new copper smelter drove increased copper cathode production, though overall Kazzinc copper production from own sources fell 3.0% year-on-year.

Silver production from own sources at Kazzinc rose 11%, but zinc output fell 8.0%.

The Kazzinc division accounted for over a third of group revenue in Glencore's first half.

The company's other arms reported a more mixed production results in 2012. These included: Katanga copper metal output rose just 2.0% as it was significantly disrupted by a power shortage; Mutanda copper produced jumped 37%; Prodeco coal production rose 1.0% after a three-month strike.

The company's update on its merger with FTSE 100 mining peer Xstrata showed that it is still waiting on the approvals of regulators in China, amongst other things. The long stop date for tie-up is March 15th, as previously announced.

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
How you can profit from the power of the grey pound
Share tips

How you can profit from the power of the grey pound

Higher life expectancy and surging asset prices have proved a boon for the baby-boomer generation, which has accumulated vast wealth. Younger generati…
10 Sep 2021