Fortescue Metals first-half profit soars

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SYDNEY (MarketWatch)-- Australian iron-ore producer Fortescue Metals Ltd. [s. au:fmg] [s. fsumy] Friday posted a first-half net attributable profit of $314.1 million, from $43.2 million in the year-ago period. The firm said strong market conditions during the six months to 31 Dec. 2010 improved its average selling prices to $138.50 per dry metric ton, from $67.58 per dry metric ton a year earlier. The miner will pay a maiden interim dividend of 3 Australian cents (3 cents).

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