Anglo-Swiss mining major Xstrata has reported total revenues of $31.6bn for the 12-month period ended 31 December 2012.

The figures represent a decline of 7% when compared to the revenues in 2011; operating profits for the full year also declined 43% to $4.79bn.

Xstrata chief executive officer Mick Davis however maintained that the year 2012 was a transformational period for the company during which it commissioned ten major projects.

"Our ongoing focus on reducing costs allows me to report, for the eleventh consecutive year, a reduction of costs in real terms," added Davis citing $176m of cost savings achieved in 2012.

The attributable profits for the company fell of 37% to $3.65bn for the year and it closed the year with a net debt of $14.7bn.