Xstrata has posted a threefold increase in its net profit during the first half of the year, aided by rising prices and increased sales volume.

The company’s net profit for the six months to 30 June stood at $2.29bn, compared with $690m a year earlier.

Xstrata’s revenue climbed 43% to $13.61bn from $9.54bn.

The company plans to spend $14bn on 15 projects in the next two years, primarily focusing on copper, coal and nickel.