Kazakhmys profits up 55 per cent

Copper miner Kazakhmys has seen pre-tax profits jump by 55 per cent in 2010 as surging commodity prices boosted its revenues.

Pre-tax profit rose to $1.59bn (£994m) from $1.03bn in 2009, while earnings per share nearly tripled to $2.72 per share from $1.04 in 2009.

Group earnings before earnings before interest, taxes, depreciation, and amortisation came to $1.93bn, including subsidiaries and joint ventures, as it gained “significant benefit from higher metals prices”, it said.

“During 2010 demand for industrial metals, such as copper and zinc, was mainly driven by the recovery in the world’s major economies. The robust demand growth led to stronger commodity prices, in particular, copper,” said chief financial officer Matthew Hird in a statement.

“As a result of the improved metal prices, revenues from continuing operations were $833 million higher than 2009 at $3,237m for the year.”