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BHP Billiton reports 71% jump in profits
Business digest: Strong demand from China and other emerging markets drives mining boom
The world's largest mining group, the Melbourne-based BHP Billiton, has reported $10.5 billion profits for the last half-year, a rise of 71 per cent. It follows last year's failed takeover of Canadian fertiliser manufacturer Potash.
Strong demand from China and other emerging markets, and high prices for its commodities, drove the profits surge.
The company has plegded to spend $80bn on worldwide projects in the period to 2015 and aims to return $10bn to investors this year.
The company said it was cautiously optimistic about the short-term outlook for the world economy: "While we expect a slowdown in the growth rate of global commodity demand in calendar year 2011, the economic environment still underpins a robust near-term outlook for our products."
Read a full report at the Press Association. ·
