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.

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