Profitability of BHP Billiton Group surged by nearly one-third due to rising commodity prices, and the annual copper business revenue surpassed the iron ore business for the first time. The world's largest mining company said that in the past 12 months to June, underlying profit climbed to US$13.2 billion, up 30% year over year, higher than analysts' expectations. The company disclosed in an announcement on Tuesday that it will pay a final dividend of 99 cents, with a payout ratio of 72%. Copper prices soared to historic highs during the reporting period; iron ore, another core product of BHP Billiton, remained strong. CEO Brandon Craig said in a statement: “The stability of production and operation combined with high product prices has contributed to a significant increase in profits. Copper is the engine that drives BHP Billiton's growth.” BHP Billiton predicts that global copper demand will increase from about 34 million tons/year today to 50 million tons/year in 2050.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.