China's Minmetals Resources is likely to reduce a planned $1.6 billion capital raising after reporting $430.4 million in full-year profits, the company said on Tuesday.

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"The company intends to exercise the mandate granted by shareholders, but the strong cash and profit generation we have reported today, along with the expected proceeds to be received from the sale of non-core assets, means that it is unlikely we will look to raise the full amount," Minmetals said in a statement emailed to Reuters.