The world’s largest miner by market value said coal and copper prices have risen in the recent months due to tight supply and geopolitical tensions. BHP miningnews
BHP Group, the world’s biggest miner, posted its highest ever full-year profit on record commodity prices, and will push ahead with growth options on a stronger demand outlook in China.
“We think that over the next six-to-12 months, China, if anything, is going to provide some stability to global growth and will help offset some of the slowing that we see elsewhere,” Henry said. China typically accounts for more than 60% of BHP’s revenue. Though BHP will face pressure from a slowdown in advanced economies, higher costs and tighter labor markets, there will be opportunities for low-cost miners as inflation also drives prices higher, the company said. Production costs across major assets rose 13% on Covid-related issues and higher prices of diesel and electricity.
China’s central bank on Monday cut interest rates as data showed the economy struggling on multiple fronts, and BHP’s comment on prospects there came with some caveats.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BHP's profit soar in 2022Diversified miner BHP has reported a 34% increase in profits for the year ended June, along with record underlying earnings before interest, tax, depreciation and amortisation (Ebitda). Profit from operations reached $34.1-billion in the year ended June, and underlying EBITDA reached a record $40.6-billion at a record margin of 65% for continuing operations.
Read more »
Saudi Aramco Sees Profits Jump 90% in 2nd Quarter Compared to 2021Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion as oil prices remain high globally.
Read more »
Warning from China's largest foundry: consumer demand for smartphones is softeningChina's largest foundry is warning about slowing demand for chips as consumer electronics sales soften; TSMC had a similar comment last month.
Read more »
Aramco Reports Record Profit, Injecting Saudi Kingdom With CashSaudi Arabia’s national oil company reported record quarterly profit on high oil prices, feeding a vault of cash the kingdom’s young ruler is using to build new momentum for reforms and strengthen his geopolitical position
Read more »
Saudi Aramco unveils record $48.39B profit in Q2, beats expectationsNet income leapt 90 percent year-on-year for the world's biggest oil producer, which clocked its second straight quarterly record after announcing $39.5 billion for Q1.
Read more »
U.S. Navy Is Seeing More ‘Unsafe' Aerial Intercepts by China, Says Seventh Fleet CommanderKarl Thomas said on Tuesday that he’s seen a increase in “unsafe” aerial intercepts by Chinese military in the South China Sea region.
Read more »