Xstrata says financial position “strong”

Xstrata says financial position “strong”

first_img Xstrata says financial position “strong” whatsapp Show Comments ▼ Miner Xstrata posted mixed third quarter production data and said financial performance was strong as metals prices remained healthy.“Xstrata’s operating and financial performance continues to be strong and the company’s financial position remains robust,” a statement said.The Anglo-Swiss group also released the first resource estimate for the West Wall copper project, a 50:50 joint venture with Anglo American, showing it contained four million tonnes of copper.“These latest successful exploration results confirm that the West Wall project represents an important discovery with the potential to contribute to Xstrata Copper’s project development pipeline in Chile,” a statement said.Copper is the group’s most important product, accounting for 43 per cent of first-half operating profit, while coal is second, making up 32 per cent.Xstrata said production of mined copper increased 10 percent to 233,647 tonnes during the three months to the end of September due to improved mining rates and grades.Consolidated coal output fell five per cent to 21.9m tonnes following planned mine closures in Australia and South Africa and bad weather in Colombia.Xstrata more than doubled first-half earnings per share on higher metals prices when it reported in August, saying at the time it would pump over $5bn (£3bn) into new mines.The trend of strong prices has largely continued through the third quarter, with copper prices up 24 per cent compared with a year ago, Australian coking coal 53 per cent higher and ferrochrome 46 per cent stronger.Zinc in concentrate output fell by 10 per cent due to lower production at the Brunswick and Mt. Isa mines.Mined nickel production jumped 21 per cent to a record 16,174 tonnes due to output from its new Rim South mine. Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Tuesday 19 October 2010 3:35 amcenter_img John Dunne More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org whatsapp Tags: NULLlast_img

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