SHANGHAI--The merged company to be formed by Glencore PLC
(GLEN.LN) and Xstrata PLC (XTA.LN) could produce "well over" one
million metric tons of copper next year once antitrust regulators
in various countries approve the mining alliance, a senior
executive from Xstrata Copper Australia said Thursday.
The combined company needs to obtain clearance from China as it
hopes to increase market share there, where both companies already
sell minerals. China is expected to rule by year-end.
"After the approval, the new company will work toward producing
two million tons [a year] by 2016," Andrew Greville, the executive
general manager of business development and strategy and a member
of the executive committee, said on the sidelines of a Metal
Bulletin forum.
But Mr. Greville said relevant Chinese regulators are still
reviewing the Glencore-Xstrata merger and haven't given their
approval yet.
He also said Xstrata wasn't currently considering
diversification as "it will be something we'll talk about in the
future after the merger is approved."
The European Union's competition authority had last week
conditionally approved the $32 billion merger.
Write to Yue Li at yue.li@dowjones.com
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