Stronger coal and manganese prices lifted half-year underlying earnings from continuing operations at Australia's South32 18-fold to $479 million from a year earlier, beating market expectations, Reuters reported.
The miner, built around a group of unwanted assets spun-off by BHP Billiton , also declared its first interim dividend of $3.6 cents a share.
"The disciplined application of our strategy and stronger commodity prices underpinned a significant improvement in financial performance," Chief Executive Graham Kerr said in a statement.
South32's share price has more than doubled over the past year, aided by the timely acquisition of a metallurgical coal mine in Australia from Peabody Energy.
The miner also enjoyed surging manganese and metallurgical coal prices - up 300% and 200% respectively in 2016 - but prices are now in decline.
So far this year, manganese is down 41% from its 2016 peak, while metallurgical coal is off 47%.
(Writing by Jessie Jia Editing by Harry Huo)
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