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UPDATE 1-Kazakhmys full-year profit jumps 74 percent

Published 03/29/2011, 02:35 AM
Updated 03/29/2011, 02:36 AM
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* EBITDA $2.84 billion, vs $1.63 billion

* EBITDA figures includes $903 mln contribution from ENRC

* Says cost pressures increased over 2010

LONDON, March 29 (Reuters) - Kazakhmys, the world's 10th largest copper miner, said on Tuesday full-year profit jumped 74 percent, boosted by higher metal prices.

Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding special items, rose to $2.84 billion. The figure included a contribution from its 26-percent stake in ENRC .

The biggest operating special item in the 2010 results was $130 million to fund major social projects in Kazakhstan.

Prices for benchmark London Metal Exchange copper rose 31 percent last year and hit a record high last month, driven partly by rising demand from markets such as China.

Kazakhmys said cost pressures increased over 2010, as they have for many miners, although its copper production costs remained globally competitive at 89 cents a pound. (Reporting by Julie Crust; Editing by Dan Lalor)

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