Antofagasta sees profits rise 15%

Antofagasta is one of the world's largest copper producers

Mining giant Antofagasta has reported a 15% rise in half-year profits as high copper prices offset an increase in its production costs.

The Chile-based but UK-listed company made a pre-tax profit of $1.7bn (£923m) in the six months to 30 June, up from $1.4bn for the same period last year.

Its turnover was up 24% from a year earlier to $2.4bn, lifted by the continuing boom in demand for metals.

Antofagasta said it expected demand to remain strong "well into 2009".

"With our sound financial position, we continue to make good progress with the group's plans for sustainable growth... and this should result in further profitable volume growth from 2010 and beyond," said chief executive Marcelo Awad.

Antofagasta said last month that it produced 233,600 tonnes of copper in the first half of 2008, 10% more than a year earlier.