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Antofagasta says 1st-half profit gains 12 percent

Antofagasta says 1st-half profit gains 12 percent

Antofagasta PLC, a mining company with operations in Chile, said Wednesday that first-half profit gained 12 percent as metal prices rose.
Net income came to US$728.4 million (euro478.5 million), up from US$652.6 million in the same period a year earlier, the company said in a statement. Sales rose 5 percent to US$1.9 billion (euro1.4 billion).
The price of copper _ sales of which represent Antofagasta's main source of income _ have risen dramatically as burgeoning economies in countries such as India and China have bolstered demand.
"Fundamentals in both the copper and molybdenum markets remain solid and despite recent uncertainty in the United States we expect commodity prices to remain strong for the remainder of the year and well into 2008," the company said.
Antofagasta shares dropped 2.8 percent to 664.5 pence (US$13.34; euro9.78) on the London Stock Exchange amid declining markets across Europe.


Updated : 2021-06-21 14:47 GMT+08:00