EUR/USD 1.14754
0.123%
Gold 4576.15
1.445%
Oil 98.481
-3.390%
USD/JPY 159.596
-0.074%
GBP/USD 1.32115
0.214%
GBP/JPY 210.855
0.143%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to Iranian media reports, a power outage occurred in Tehran.The Hang Seng Index turned negative, while the Hang Seng Tech Index fell 0.12%.Iranian missiles have been detected launching toward central Israel.On March 31, it was reported that the Jiangsu Provincial Government held an executive meeting on March 30. The meeting reviewed several measures to accelerate the transformation and upgrading of the provinces construction industry, the guiding opinions on stabilizing the real estate market, the opinions on further improving the investment and financing mechanism to accelerate the construction of expressways and trunk waterways, and the work plan for the special action to address traffic congestion in Jiangsu Province. The meeting also heard a report on the provinces comprehensive governance of the "one-stop" service for new energy vehicle charging infrastructure. The meeting emphasized the need to orderly promote cross-sectoral integration and business expansion of construction enterprises, apply intelligent and green technologies, implement precise policies to stimulate housing consumption, optimize supply, and stabilize expectations, build a diversified and sustainable funding guarantee system for expressways and trunk waterways, focus on optimizing road network structure and traffic service management, and comprehensively improve the safety level of planning, construction, operation, and supervision of new energy vehicle charging infrastructure.March 31 – A symposium on grain trading within the grain and reserve system was held in Nanjing, Jiangsu Province, from March 26 to the morning of March 27. The meeting emphasized the need for a scientific assessment of the new situation and accurate understanding of new changes. It stressed the importance of focusing on the present while considering the future, centering on three core directions: serving macro-control, serving industrial development, and serving market entities. The meeting called for comprehensive and all-round improvement in quality and efficiency, continuously elevating the quality, level, and scope of grain trading work, and providing solid support for consolidating the foundation of food security and achieving a good start to the "15th Five-Year Plan" for grain and reserve work.

BHP Reports Record Annual Profit and Continuing Demand from China

Charlie Brooks

Aug 16, 2022 10:41

7.png


BHP Group Ltd. (ASX:BHP), the world's largest mining firm, reported a record underlying profit in fiscal year 2022, driven by healthy sales of its Western Australian iron ore and China's sustained metals demand.


For the fiscal year ended June 30, 2022, the miner's underlying earnings grew by 26% to a record $21.32 billion. BHP also issued a final dividend of $1.75 per share.


China, BHP's largest market, has a healthy demand for iron ore, which has contributed to the company's outstanding financial performance.


Despite a fall in demand for metals in more developed economies, the company predicts this trend to continue until 2023, with Chinese consumption staying strong. Energy crises in Europe and rising inflation are two of the miner's most important problems.


"As policy support gets in pace, we think that China will emerge as a source of stability for commodity demand in the coming year. In addition, we anticipate a slowdown in developed economies as monetary policy tightens "said BHP CEO Mike Henry.


The Anglo-Australian miner forecasts that production at its Western Australia Iron Ore operations would exceed 300 million tonnes per annum (mtpa) by 2023, and is examining options to raise production to as much as 330 mtpa.


In 2022, the total revenue from iron ore declined from $34.34 billion in 2021 to $30.63 billion due to a decline in iron ore prices in the second half of the year.


China's sluggish industrial output as a result of a series of COVID-19 lockdowns enacted this year precipitated the decrease in commodities prices.


China's industrial output is declining, according to data released on Monday, a trend that could be negative to BHP this year. Rio Tinto Ltd (ASX:RIO), the largest iron ore miner in the world, reported weaker underlying profitability for the first half of the year, citing a decline in Chinese imports.


In an effort to expand its portfolio beyond iron ore, BHP made a $5.8 billion bid for copper miner OZ Minerals Ltd (ASX:OZL) last week. The offer was declined.

Suggestion