UPDATE 1-Xstrata Doubles H1 EPS, Approves More Mines

LONDON, Aug 3 (Reuters) - Mining group Xstrata (XTA.L) posted a 108 percent jump in first half earnings per share on Tuesday after metals prices rebounded, largely in line with expectations, and approved more new mines. The Anglo-Swiss group said EPS for the first six months of the year rose to 79 cents from 38 cents in the same period last year. This compared to a consensus forecast of 76 cents based on estimates of 11 analysts compiled by the company.

Xstrata, the world's biggest exporter of coal used in power plants, also said it had approved $4.2 billion to build the Las Bambas copper mine in Peru and $1.1 billion for the Ulan West coal project in Australia. "In total, 15 major growth projects are now approved and in the construction phase, representing a total of $14 billion of capital investment," Chief Executive Mick Davis said.

"These projects alone will deliver substantially all of our expected 50 percent increase in overall volumes by 2014."

Xstrata has shifted focus to growth through building new mines instead of buying other companies.