Glencore Xstrata shares climb after strong production update

 
Suzie Neuwirth
GLENCORE Xstrata’s share price rose yesterday after the miner trader unveiled a strong increase in first-half production across most of its commodities.

The FTSE 100-listed firm – which is due to post its half-year earnings next week – said that copper output soared 20 per cent, while gold rose 14 per cent and coal production rose 22 per cent to 9.6m tonnes.

However, zinc output fell three per cent, primarily reflecting the wind-down of a mine in Canada. Shares closed 0.2 per cent higher at 308.20p, having hit 312p earlier in the day.

“Overall, progress has been in line with expectations, and the release highlights the group’s ability to execute on its expansion projects,” said broker Killik & Co. “This is reassuring at a time when a number of the operational managers have left the group.”