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Glencore copper output up 18 pct, trading performs "in line"
May 13, 2013 / 6:21 AM / 5 years ago

Glencore copper output up 18 pct, trading performs "in line"

LONDON, May 13 (Reuters) - Miner Glencore Xstrata said copper production rose 18 percent in the first quarter of 2013, as it ramps up new and expanded operations to substitute depleted mines and benefits from increased production in Congo.

Among the diversified miners, Glencore Xstrata has the biggest exposure to copper. It produced 321,800 tonnes in the three months. African copper alone - set to benefit from two Congolese expansion projects which Glencore said remained on track - rose 44 percent on the same period a year ago.

In the first production statement since trader Glencore merged with Xstrata in a deal completed earlier this month, Glencore said the performance of its marketing division was overall “broadly in line with our expectations”.

In brief comments on the specific divisions, Glencore said metals and minerals delivered “solid results” and energy - oil and coal - saw “markedly improved profitability”.

Agricultural products, however “made a slow start to the year, in what is often a seasonally weaker quarter”.

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