Anglo American, the world's fourth-biggest miner, is expecting resource-hungry China to continue to hold up global demand as rising output and record prices for iron ore and copper propelled its profits nearly 15 per cent higher.

Pre-tax profits rose from $4.9 billion in the first six months of last year to $6.4 billion in the period to June 30.

The base metals division, including copper, zinc and nickel, was the biggest contributor to group operating profit, accounting for 41 per cent, followed by the Anglo Platinum unit, making up 25 per cent.

Cynthia Carroll, chief executive of Anglo American, said that slowing economies in many developed nations would be offset by strong demand in emerging market, particularly China.

“We expect a strong second half to the year driven by increased production, further improvements in our operational performance and robust pricing,” said Ms Carroll.

Anglo American shares at £29.32 were little changed today. Analysts noted with relief that rising costs had not dented profits as some had tipped.

The company said its $45 billion pipeline of new and expansion projects, including $15 billion of approved projects, had risen by $3 billion since February.

It also said it was continuing to explore options to sell Tarmac, its UK-based aggregates and asphalt company, which had been delayed by the credit crisis. When it was put up for sale 12 months ago, analysts estimated that Tarmac could fetch more than $6 billion.

In common with other miners, Anglo American has benefited from record commodity prices over the past half year.

A power shortage in South Africa, where Anglo owns 75 per cent of the world's biggest platinum mine, drove the platinum price 57 per cent higher to a record.

Snowstorms in China and floods in Australia helped more than double coal prices this year.

Kumba Iron Ore, 64 per cent owned by Anglo, posted a 75 per cent increase in first-half earnings last week. Anglo also owns 45 per cent of De Beers, the world's biggest diamond supplier, whose first-half sales increased by 10 per cent to $3.3 billion.

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