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Mining giant Xstrata today said its third-quarter performance was “strong” with production of coal, its most profitable product, rising 9%.
The acquisitive firm, which last week was finally forced to retreat from the door of its rival Anglo American, said in a production report that coal was responsible for 72% of first-half operating profit. Xstrata is the world's biggest exporter of the thermal coal used in power plants.
But the miner added that output of copper, its second most profitable resource, fell 10%.
In a statement, the firm said: “Xstrata's operating and financial performance continues to be strong and the company's financial position remains robust.”
