Xstrata in $23bn expansion plan

City A.M. Reporter
Miner Xstrata plans to spend $23bn (£14.6bn) on new mines by 2016 as it pushes forward with its organic growth programme instead of takeovers.

The London-listed group expects to spend $6.8bn on expansionary capital spending next year, it said.

It did not give a comparative figure for 2010, but in August, when it released interim results, Xstrata said it planned to spend $4.6bn in capital for new mines this year.

Xstrata also said it will take a non-cash impairment charge of $440m for its Araguaia nickel project in Brazil, which will appear as an exceptional item in annual results.