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News merged mining giant Glencore Xstrata said copper production rose 18 percent in the first quarter of 2013, as it ramps up new and expanded operations to substitute depleted mines and benefits from increased production in Congo.
In the first production statement since trader Glencore merged with Xstrata in a deal completed earlier this month, Glencore said the performance of its marketing division was overall "broadly in line with our expectations".
In brief comments on the specific divisions, Glencore said metals and minerals delivered "solid results" and energy - oil and coal - saw "markedly improved profitability".
Agricultural products, however "made a slow start to the year, in what is often a seasonally weaker quarter".
Glencore Xstrata also said it will stop work on a planned 35 million tonnes per annum coal export terminal on Australia's Balaclava Island as a result of poor coal market conditions.
"This decision has been made as a result of the poor current market conditions in the Australian coal industry, excess port capacity in Queensland, specific shipping limitations and concerns about the industry's medium-term outlook," it said in a statement.
The decision was made following a review of the project after Xstrata's merger with Glencore.
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