Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Glencore Xstrata (LON:GLEN) copper production was up 18% over last year’s Q1.
The newly-merged company released its IMS& First Quarter 2013 Production Report on May 13.
The company’s stock was up 1.45% to GBX348.90 (US$536.12).
The company highlighted that its own copper production in Africa was 83,600 tonnes in Q1 2013, a 44% increase from last year’s Q1.
The companies mines in the Democratic Republic of the Congo, Mutanda and Katanga, were credited with the production jump. Annual copper cathode production at the two mines are expected to reach 270,000 tonnes and 200,000 tonnes respectively when expansion is completed this year.
Glencore Xstrata began trading May 2 after clearing regulatory hurdles. The $30 billion deal was one of the largest mining deals ever.
