Strong revenues from cobalt and copper production helped diversified mining company Central African Mining and Exploration Company (CAMEC) more than double profits.

The company posted pre-tax profits of £54.2m in the year to March 31, compared with £22.4m on revenue that jumped to £96.6m from £69.3m.

Between February and April 2008, revenues generated by the copper and cobalt operations in the Democratic Republic of Congo (DRC) were $98m (£49m), CAMEC said.

The chairman, former England cricketer Phil Edmonds, said the company is looking at various ways of exploiting its coal assets and complained that the value of these assets is not currently being reflected in the share price.

The company is committed to stepping up its investments in the DRC following the implementation of the Mining Review which, in the view of the board, has resulted in a much enhanced investment environment.

The increased investment includes further possible strategic investments, such as its recent acquisition of a 47.23% stake in Copper Resources Corp.

CAMEC also has coal mining operations in Mozambique and South Africa and platinum mining operations in Zimbabwe in the pipeline, as well as several other projects.

Find More Other News : Company, Exploration, Mining Finance, Mining Investment, Mining Top News