Glencore International Plc, the largest publicly traded commodities company, reported record third quarter output of thermal coal and a 33% jump in copper, saying it has the funds to spur further expansion.

Coal used in power stations climbed 30% to 6 million tonnes from a year earlier. Copper from the company’s own sources rose to 98,700 tonnes from 74,200 tonnes a year earlier.

Glencore, which owns mines, plants and warehouses, has rebounded from a drop of as much as 35% in its shares since selling USD 10 billion in stock in May in the world’s biggest initial public offering this year. The company, which ended more than three decades of operating as a closely held partnership, is still down more than 20 percent from the offering price.

Mr Heath Jansen a London based analyst at Citigroup Inc in a report said that “Glencore released a positive 3Q IMS, with production numbers for industrial divisions coming in slightly better than expected in copper, coal and zinc. The only area of disappointment was on gold production and ramp-up at Altyntau, due to lower than expected recover rates.”

Analysts in London at Collins Stewart said in a note said that “The increased metal production was delivered into stronger metal prices. There is no guidance on costs, so the overall impact is unclear. However should still see the shares better.”

(Sourced from Bloomberg)