South Africa's Palabora Mining Co. (PAM.JO) said Tuesday its annual earnings are likely to have as much as doubled despite a fall in refined copper production.

The company, a unit of Rio Tinto PLC (RTP), said basic earnings for 2010 are expected to have risen to between 555 million and 610 million rand ($79.2 million-$87.1 million) from ZAR284 million in 2009.

Earnings before interest, tax, depreciation and amortization are expected to be between ZAR1.47 billion and ZAR1.59 billion compared with ZAR1.13 billion the year before, it said.

Palabora, which is almost 58% owned by Rio Tinto and 17% by Anglo American PLC (AAL.LN), last week said refined copper output fell 16% to 58,000 metric tons in 2010 due to smelter problems.

At 0916 GMT, Palabora's shares were trading unchanged at ZAR123 against a slight advance in the wider market.

-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; robb.stewart@dowjones.com

 
 
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