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Morning All

Morning all

Orca, CML @ R84 is that new High? sry if it is a silly question, do not feel like looking at another graph today

Who is the bliksem in 2nd place ?

PRODUCTION REPORT FOR THE 12 MONTHS ENDED 31 DECEMBER 2013

Following completion of the GlencoreXstrata merger on 2 May 2013, production information for all periods covered in this
report has been presented on a combined basis.

Key Highlights:

-   Total own sourced copper production up 26% to 1.5 million tonnes in 2013, driven by strong growth in African
    copper, Collahuasi, Antapaccay and Ernest Henry:
        -    African copper up 43% to 398,600 tonnes, as the key expansion projects, Katanga and Mutanda,
             successfully grow production, both reaching 200,000 tonnes p.a. capacity at the end of 2013.
        -    Collahuasi increased production 58% to 195,600 tonnes, with H2 2013 up 91% compared to H1
             2013, as production ramped up, following the SAG mill restart and a return to higher grades.
        -    The Antapaccay and Ernest Henry projects are progressing well.
-   Perseverance and Brunswick mines reached the end of their mine lives in June 2013, resulting in a decline in
    total own sourced zinc and lead production, only partially offset by the growth projects in Australia and Africa.
    Excluding Perseverance and Brunswick, zinc production increased by 7% in 2013.
-   Koniambo started production in Q4 2013 and is in the early stages of ramp-up.
-   Quarterly sequential (Q4 13 v Q3 13) increase in all Base Metal (Cu, Zn, Pb and Ni) own source production.
-   Ferrochrome production up 32% to 1.2 million tonnes based on higher utilisation of the smelters and furnaces
    and the successful commissioning of the Tswelopele pelletizing plant.
-   Own sourced gold production up 14% to 1,023,000 oz, driven by strong growth at Kazzinc and Antapaccay.
-   Coal production up 4% to 138.1 million tonnes during 2013, driven by a number of key expansion projects at
    Prodeco and various Australian thermal coal assets.
-   Successful commencement of production at Alen (Equatorial Guinea) and Badila (Chad) oil fields in 2013.
-   Successful sale of the pasta and malt businesses during 2013, acquired as part of Viterra.
-   The Group's resources and reserves report was also issued today, noting:
        -    Significant growth in Mutanda copper ore reserves and mineral resources, up respectively, 23% and
             25% to 2.0 million and 7.4 million tonnes of contained copper.
        -    The recognition of ore reserves at Las Bambas, containing 6.9 million tonnes of copper.
        -    An increase of 21% in iron ore mineral resources to 4.6 billion tonnes of contained iron (100% basis),
             mainly as a result of increased resources at El Aouj.
        -    An increase of 129% to 87 mmboe in 2P net oil reserves, primarily through the recognition of
             acquired Chad reserves and an increase of 223% to 387 mmboe in 2C net contingent oil resources,
             mainly resulting from drilling in Cameroon.

Zambian mines set to double power use

 February 11 2014 at 08:00am
By Bloomberg

Comment on this story

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Felix Njini Windhoek


Demand for power from new and existing mines in Zambia, Africa’s biggest copper producer, will almost double over the next five years, according to Copperbelt Energy.

Demand from the country’s Copperbelt and Northwestern provinces would increase to 1 550 megawatts by 2019 from 900MW now, Copperbelt Energy corporate development managing director Michael Tarney said on Friday.

Copperbelt Energy, based in Lusaka, is the largest supplier of electricity to mining companies in Zambia, where the local units of companies such as First Quantum Minerals and Glencore Xstrata have expansion projects under way.

The country would commission power projects this year that would boost generation capacity by 39 percent, or 780MW, Mines Minister Christopher Yaluma said last week.

“Demand is being driven by new investments in copper mining and smelting,” Tarney said. “They are all expanding… and this means we have to find more power.”

Demand in the Copperbelt province was projected to rise to 850MW in the next five years from about 650MW now, while it might almost triple to 700MW from 250MW in the Northwestern province as new mining projects began, he said.

First Quantum Minerals’ $1.7 billion (R18.8bn) Sentinel copper project, which will be commissioned in the second half of the year, would require about 400MW once it was fully operational, Tarney said.

The project would help raise Zambia’s copper output to more than 1 million tons next year from 760 000 tons last year, Yaluma said. – Bloomberg

Gold 1283 vs 1269          , $/R 11.11 vs 11.05 , Copper 7.12 vs 7.20        , Nickel 14.02 vs 14.17      , Oil 100.09 vs 99.73


HMY

+4.81%



GLNCY

-0.47%

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