Chile's Molibdenos y Metales (Molymet) made $73.3mn in net profits during the first half of 2006, rising above the $53.5mn achieved in the first half of last year, the company reported.

Revenues reached $1.01bn in the period, while costs amounted to some $896mn, compared year-on-year to $1.02bn and $935mn, respectively, Molymet said.

Meanwhile, net cash flow for 1H06 amounted to $73.5mn, compared to negative cash flow of $2.47mn recorded in the year-earlier period.

Molymet, including its Mexican unit Molymex, processes some 35% of the western world's molybdenum output.

The company treats molybdenum concentrates to produce molybdic oxide, ferromolybdenum, and high purity molybdenum chemicals for the steel, catalyst and specialty metals industries worldwide. Rhenium is recovered as a by-product for use in catalysts, turbine engine components and other industrial products.

The company also operates in Belgium and Germany.