Xstrata looking for coal,ni and copper
posted on
Aug 05, 2010 11:25AM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Mick Davis, Xstrata plc Chief Executive Officer commented:
“Xstrata’s first half performance was characterised by another robust cost performance, volume growth in most key commodities and positive momentum in developing our industry-leading pipeline of organic growth projects.
“In total, 15 major growth projects are now approved and in the construction phase, representing a total of $14 billion of capital investment. These projects alone will deliver substantially all of our expected 50% increase in overall volumes by 2014. All of our projects remain on track and within budget and I am very pleased with the progress our teams are making from a technical, social and environmental point of view.
“The compelling nature of the opportunity is clear. Our projects will deliver attractive returns and overall volume growth of 50%, weighted towards copper, thermal coal and nickel. Our operating cost profile will reduce by around 20% as new lower cost production is brought on stream. The next transformation of Xstrata is well under way from our suite of approved and soon to be approved organic growth projects.
“We remain very confident in the buoyant outlook for Xstrata’s commodities in the medium term. The short term outlook for macro-economic conditions remains mixed, with a ‘three-speed’ global economy likely to persist for the foreseeable future. With the exception of Germany, the EU is likely to struggle for some time to reach historical growth rates. The US is likely to continue to provide an important base of demand for exports from developing countries and directly for commodities as its economic recovery continues. However the developing economies, led by China, Brazil and India, are set to continue to provide the main driver of demand growth for our products.
“I remain very confident that Xstrata’s industry-leading growth prospects, attractive commodity mix and proven ability to realise value from the optimisation of our existing portfolio position the Group to deliver superior returns to its shareholders.”
So this speaks for its self,they are building on coal,ni and cu.Cliffs has the coal and next to them there is a nice pil of nickel and some cu.
Holding with confidence,
Inca.