Britain's FTSE retreats, though Antofagasta leads miners higher

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* FTSE 100 down 0.3 pct

* Antofagasta (Other OTC: ANFGF - news) rallies after results

* UK Miners hit 13-month high

By Kit Rees

LONDON, Aug 16 (Reuters) - UK shares slipped from a 14-month high on Tuesday, though mining stocks rallied following a well-received set of results from Antofagasta.

The blue-chip FTSE 100 index was down 0.3 percent at 6918.07 points by 0833 GMT, with financial stocks taking the most points off the index.

Mining stocks were the top gainers, led by a 5.4 percent rise in Antofagasta which rallied after posting a rise in its first-half core profit.

The miner's earnings increased thanks to cost cutting and reducing its capital expenditure.

"(Antofagasta's) shares are up ... thanks to a handful of drivers including management putting investors at ease with reaffirmation of higher output guidance for the full year, even if it looks to be eyeing the lower end of the range," Mike van Dulken, head of research at Accendo Markets, said in a note.

The FTSE 350 mining index rose 2.7 percent to a 13-month high. Rio Tinto (LSE: RIO.L - news) , Anglo American (LSE: AAL.L - news) and Glencore (Xetra: A1JAGV - news) all gained between 2.3 percent to 3.1 percent. BHP Billiton (NYSE: BBL - news) also rose 2.7 percent, despite reporting a record loss.

Among the mid-caps, precious metals miner Hochschild Mining (Other OTC: HCHDF - news) jumped 6.8 percent after reporting a full-year profit.

Among the fallers, British engineering firms Rotork (LSE: ROR.L - news) , Spectris (Other OTC: SEPJF - news) and Halma (LSE: HLMA.L - news) were all down between 1.6 percent 2.5 percent after investment bank HSBC downgraded its ratings on the stocks, citing a difficult environment of low growth. (Reporting by Kit Rees; Editing by Jon Boyle)