Xstrata says no refinancing as copper down 8 pct
Mining group Xstrata said it is well placed with financing as it posted an 8 percent fall in third-quarter mined copper output on Tuesday and a 12 percent rise in coal production.
ONS says output price annual inflation upXstrata got a new $5 billion (2.9 billion pound) revolving facility to refinance existing debt and for general purposes on October 1.
"As a result, Xstrata has no significant debt refinancing requirements until 2011," a statement said. Copper and coal were the two biggest profit drivers for the Anglo-Swiss group in the first half, accounting for 45 percent and 23 percent of earnings before interest, tax, depreciation and amortisation (EBITDA) respectively.
Xstrata, the world's fifth-biggest diversified mining group by market value, said mined copper production fell to 234,615 tonnes in the three months to the end of September against the same period last year, while consolidated coal production increased to 23.5 million tonnes.
Output of nickel, which accounted for 12 percent of first-half EBITDA, rose 17 percent to 13,620 tonnes, while zinc in concentrate jumped 30 percent to 241,881 tonnes.
Xstrata, one of the world's two biggest ferrochrome producers, posted a 4 percent rise in attributable chrome output to 308,000 tonnes.
Consolidated platinum production soared 158 percent to 36,250 ounces due to the ramp up of the Elandsfontein mine and concentrator in South Africa.
(Reporting by Eric Onstad; Editing by Erica Billingham and David Holmes)
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