Copper
Overview
The copper price reached near historic highs at the beginning of the year and then dramatically collapsed in the last quarter. Lower prices were achieved for Xstrata Copper’s other by-products, excluding gold. Reduced sales volumes negatively impacted EBIT and production was 3% lower than in 2007 due to lower head grades. The impact of lower prices and volumes contributed to a decline in Xstrata Copper’s EBIT for 2008.
| Copper Operations | ||
|---|---|---|
| Production | 2008 | 2007 |
| Total mined copper (t) (contained metal) | 952,426 | 986,663 |
| Total mined gold (oz) (contained metal) | 687,213 | 777,257 |
| Total copper cathode (t) | ||
| (from mined and third-party material) | 806,783 | 802,271 |
| Employees | 11,131 | 10,368 |
| Average prices | ||
| Copper (US$/t) (LME) | 6,956 | 7,139 |
| Gold (US$/t) (LBM) | 872 | 697 |
| Copper Financial data | ||
|---|---|---|
| 2008 | 2007 | |
| Revenue ($m) | 11,464 | 12,794 |
| EBITDA ($m) | 3,160 | 4,987 |
| EBIT ($m) | 2,297 | 4,163 |
| Share of Group EBIT (%) | 31.6 | 47.4 |
| Capital expenditure ($m) | 1,115 | 721 |
Charlie Sartain
Chief Executive
Xstrata Copper
Contribution to Group Revenue in 2008
Contribution to Group EBIT in 2008
Relevant links
For more information visit www.xstratacopper.com