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Mining demand helps Weir Group’s profits rise

The Weir Group saw a 12 percent rise in profits in 2012 following strong demand for its pumps from mining companies.

The pump maker posted pre-tax profits for 2012 of £443 million, beating its forecasted £434 million rise and its 2011 increase of £396 million.

The strong demand for Weir’s pumps offset a weaker performance in oil and gas. Its profit growth was helped by demand for products and services from mining companies, particularly from copper and gold projects in South America and Africa.

Shares in Weir have increased 21 percent in the last three months and closed on Tuesday at 2,164 pence, valuing the firm at about £4.6 billion.

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