On August 2, Anglo-Swiss miner and coking coal producer Xstrata Plc issued its financial results for the first half of 2011, reporting that average prices for all of Xstrata's commodities rose above the first half of 2010, despite a pullback in positive sentiment on the global economy in March following global events.
The attributable profit of Xstrata was $2.92 billion in the first six months of 2011, recording an increase of 27 percent year on year while its revenue saw an increase of 23 percent in the first half of 2011, increasing from $13.6 billion in the same period of the previous year to $16.8 billion.
Xstrata also announced that it has approved two Xstrata Nickel projects totalling US$649 million in order to continue investing in growth options within its Canadian portfolio. At Raglan Mine, Xstrata Nickel will increase annual nickel concentrate production from 26,000 mt to 32,000 mt per annum by 2014. Development of the Qakimajurq deposit containing 2.6 million mt of probable reserves grading 4.40 percent nickel and 0.85 percent copper will begin later this year and start production in 2014. In addition, Xstrata Nickel's Fraser Morgan project in Sudbury will develop two zones of the existing Fraser mine to unlock 6,000 mt and 2,000 mt per year of nickel and copper.