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

Too embarrassed to ask: what is short selling?
Too embarrassed to ask

Too embarrassed to ask: what is short selling?

Short sellers are often accused of unfairly driving share prices down to make a quick buck. But short selling is a perfectly legitimate – if risky – t…
26 Jan 2021
Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

The FTSE 100 is set for a makeover with an influx of new tech stocks
UK stockmarkets

The FTSE 100 is set for a makeover with an influx of new tech stocks

The FTSE 100 – the dullest index in the world – is about to reinvent itself as a host of new firms list on the market. The change is long overdue, say…
24 Jan 2021
Think Tesla is a bubble? This might be the best way to bet on it bursting
Oil

Think Tesla is a bubble? This might be the best way to bet on it bursting

The huge rise in Tesla’s share price means that, by market value, it’s now the sixth-largest company in the US and and the world’s biggest car-maker. …
25 Jan 2021
Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021