Fag’s Profits Are Still Smoking

METAL prices are likely to remain strong well into 2008, though US turbulence may make them volatile, says miner Antofagasta.

The Chilean group sold its copper at 11.5pc higher average prices in the half to June. Pretax profits rose 8pc to 715m, dividends were up 19pc to 3.1p.

Fags is spending 750m to develop its Esperanza coppergold project in Chile. Exploration at its Pakistan joint venture with Barrick Gold – its first big move outside South America – is encouraging.

Copper output for the year should reach almost 449,000 tons – slightly below previous hopes. Fags, which has 750m, will seek more ‘opportunities globally to secure further worldclass mining assets’.

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