Xstrata triples first half net earnings

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Swiss mining group Xstrata said on Tuesday it had tripled its first-half net earnings to 2.3 billion dollars (1.7 billion euros, and was "buoyant" about the firm's outlook.

The Zug-based mining giant had posted net profits of just 690 million dollars during the same period last year.

The group also posted a sharp gain of 43 percent in sales to 13.6 billion in the first half.

Mick Davis, the group's chief executive officer said in a statement that the mining firm remains "very confident in the buoyant outlook for Xstrata's commodities in the medium term."

While most of the European Union is expected to struggle economically in the short-term, developing giants such as China, Brazil and India are expected to drive growth for its products, he added.

© 2010 AFP

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