| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: MINING |
Ferrochrome output rebounds at Xstrata |
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Tue 27 Jul 2010
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LONDON (SHARECAST) - Diversified mining group Xstrata saw a small decline in copper production in the first half of 2010 but ferrochrome output rebounded strongly.
The group, which is a major producer of seven major commodities (copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc) updated the market on first half production levels on Tuesday morning.
Ferrochrome
Ferrochrome production rebounded strongly to 608,000 tonnes in the first half of 2010 in response to rising demand, increasing 149% over the same period in 2009.
Ferrochrome producers achieved a 35% increase in the benchmark price from $1.01 per pound in the first quarter to $1.36 per pound in the second quarter, set against the continued strengthening of the rand against the US dollar and electricity price increases in South Africa. The third quarter benchmark price has been settled at a slightly reduced level of $1.30 per pound.
Coal
Total consolidated production eased to 38.6m tonnes from 38.8m tonnes the year before.
Copper
Total mined copper production decreased by 3% in the first half of 2010 compared to the corresponding period in 2009. Lower production was mainly due to reduced volumes at Mount Isa and Ernest Henry as a result of lower grades and at Antamina, where higher mill throughput and recoveries only partially compensated for lower copper ore grades.
Nickel
Total refined nickel production in the first half of 2010 rose to 45,458 tonnes, 8% higher than the same period last year.
Zinc
Zinc in concentrate production increased by 6% in the first half of 2010 compared to the same period in 2009 mainly as a result of the ongoing transformation of the business through expansions and productivity improvements at the Mount Isa and McArthur River operations.
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