Mining giant Xstrata has announced positive half yearly results for 2010. In fact the operating profit in its north Queensland copper division was announced at $167 million, much higher than the profits corresponding to the same period last year.
The global rise in copper demand and prices has helped the north Queensland division according to Steve de Kruijff the Xstrata spokesman. With high copper prices expected to hold for at least the next few months the company expects to consolidate its gains.
Mick Davis, Xstrata plc Chief Executive Officer commented: "I remain very confident that Xstrata's industry-leading growth prospects, attractive commodity mix and proven ability to realise value from the optimisation of our existing portfolio position the Group to deliver superior returns to its shareholders."
In other negative news for the company, Xstrata is facing a class action over the high lead blood levels in children living in Mount Isa.
This is a primary mining and smelting area for the company along with Ernest Henry mine near Cloncurry and the refinery in Townsville which make up the north Queensland division.