BHP Group, the world's biggest miner, on Tuesday reported its largest annua...
MELBOURNE - BHP Group, the world’s biggest miner, on Tuesday reported its largest annual profit in five years and posted record full-year dividends, boosted by a dramatic rally in prices for steelmaking ingredient iron ore.
BHP has handed back some $20.9 billion to investors for the financial year that ended in June including a 78 cent dividend announced on Tuesday. That stemmed from the sale of its shale gas business and was helped by surging iron ore prices following supply outages in Brazil and Australia. While the trade dispute between Washington and Beijing has dampened global economic growth, it has not yet affected Chinese demand for BHP’s commodities such as iron ore, copper and coal in China, said Chief Executive Andrew Mackenzie.
Iron ore prices staged a dramatic rally in the first-half with the Dalian iron benchmark more than doubling, amid the supply shortfall and more Chinese appetite for the steelmaking raw material as it ramped up infrastructure spending to support its economy.
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