August 16, 2016 / 6:31 AM / 2 years ago

Antofagasta flags lower spending, reports rise in H1 profit

LONDON, Aug 16 (Reuters) - Chilean copper miner Antofagasta lowered its full-year spending budget while reporting a 2.3 percent rise in first-half core profit helped by cost cuts on Tuesday.

The miner said earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $571.6 million.

Benchmark copper on the London Metal Exchange has risen from a 6-1/2-year low in January to trade between $4,500 and $5,000 giving some reprieve to miners hit by the slump.

The company cut capital expenditure by $276.9 million to $385.4 million in its first-half from a year ago, while flagging that full-year spending would be lower than original guidance.

Reporting by Zandi Shabalala; editing by Jason Neely

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