The FTSE 100 firm told shareholders that it would easily meet and potentially exceed previously announced $500m synergies by cutting costs and selling off non-core assets. Xstrata’s corporate headquarters in Zug and London will be closed and there will be a single head office in Baar, Switzerland.
The company's capex is expected to decline from 2015, with expected guidance of $13bn for 2013, $9bn for 2014 and $7bn for 2015.
As widely predicted, the new management structure is largely composed of Glencore executives, supporting industry views that the merger was in fact more of a takeover.
Glencore Xstrata shares were trading up 4.85 per cent at 15.30 GMT.