Mining giant BHP says its half-year profit down due to lower iron ore and copper prices copper mining BHP
- Global mining group BHP reported Monday that its profit from operations for the half-year ended 31 December 2022 was US$10.8 billion, down 27% compared to HY21, driven by a US$4.8 billion reduction in revenue which largely reflects lower iron ore and copper prices.
BHP also announced “strong” first half dividend of 90 US cents per share, “on the back of solid operating performance.” The company said that Escondida copper production increased by 5% to 511 kt primarily due to higher concentrator feed grade of 0.79%, compared to 0.72% in the December 2021 half year.
The company’s HY22 energy coal production decreased by 24% to 5 Mt. Nickel West production decreased by 2% to 38 kt, reflecting the slower than expected ramp up of the refinery following planned smelter and refinery maintenance during the December 2022 quarter.
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