Glencore lifts copper and coal output

      MINING and trading group Glencore Xstrata yesterday beat analysts' forecasts with a 26 per cent rise in annual copper output, boosted by strong growth at its African and Chilean mines.

Output of both copper and coal, the two biggest earners for Glencore's industrial side, rose in the year to the end of December, offsetting a decline in nickel, lead and zinc.

The company, which of the diversified miners has the biggest exposure to copper, said its ownsourced copper production rose by more than a quarter to 1.5m tonnes in 2013, passing analysts' expectations for a rise of 16 to 25 per cent.

The division, which accounts for about 30 per cent of the company's profits, benefited from strong growth at its Congolese mines and at Collahuasi in Chile , a joint venture with rival Anglo American inherited with the acquisition of Xstrata last year.

"Copper is central to our bullish stance on Glencore Xstrata given our positive view on the future price development of the commodity and the strong prospects for Glencore to grow production," Bernstein research analysts said in a note. - Kitco