The commodity crash just lost the world’s biggest mining company 86.2% of its profits
The commodity crash just lost the world's biggest mining company 86.2% of its profits
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BHP Billiton, the world’s biggest mining company, just posted full year attributable profit of $1.91 billion (£1.21 billion), down 86.2% from last year’s $13.832 billion (£8.77 billion), below analyst expectations.
BHP has been cutting costs and increasing production to meet falling commodity prices.The world’s biggest miner increased full-year dividends by 2% to 124 US cents a share.
“We will cut costs further and exercise our growing capital flexibility to improve our competitiveness and support our progressive dividend policy,” says CEO Andrew Mackenzie.
BHP says it can increase the capacity of its iron ore system from 254 million tonnes to 290 million tonnes over time with minimal investment, while making more than $20 per tonne margin at today’s prices.
Source: Business Insider
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