By Alex MacDonald
LONDON-- Glencore International PLC (GLEN.LN) reported Tuesday a
mixed set of production results on a pro-forma basis with Xstrata
PLC (XTA.LN) as base metals output largely fell in 2012 while coal,
oil, and agricultural output rose.
The report marks the first set of production results provided by
Glencore on a pro-forma basis ahead of the completion of its
planned all-share merger with Xstrata. Glencore is still waiting
for regulatory approval from China before closing the deal.
Glencore and Xstrata last month extended the deadline for closing
the deal to March 15 in order to secure necessary regulatory
approvals.
Glencore didn't provide any details about its marketing
activities, a key earnings generator for the combined company.
The pro-forma figures showed that total copper contained
production fell 9% to 1.2 million metric tons while total zinc
contained output fell 1% to 1.59 million tons. The figures are
based on using feed from its own sources and excludes feed from
third parties. Total lead contained output from its own feed rose
4% and nickel contained output from its own feed rose 3% while gold
output from its own feed fell 8% to 1.56 million troy ounces.
On the energy front, its own coal production rose 26% to 132.2
million tons while its share of oil output rose more than
eight-fold to 5.36 million barrels due to the ramp up of Glencore's
joint-venture Aseng oil field in Equatorial Guinea ahead of
schedule. The company expects oil output from the Alen field to
begin in the third quarter of 2013.
On the agricultural front, output rose 16% to 8.75 million tons
as higher sugarcane processing and oilseed crushing offset declines
in rice milling and farming among other things.
At 0809 GMT, Glencore's shares were down 0.2% at 386 pence a
share while Xstrata's shares were down 0.3% at 1,157 pence.
Meanwhile, the U.K.'s FTSE 350 mining index was down 0.2%.
-Write to Alex MacDonald at alex.macdonald@dowjones.com
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