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BHP profits dive 86.2% as Australia wins ore war
Issued at 2015-08-28
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BHP Billiton recorded an 86.2% profit plunge this week in its FY 2015 report, down USD1.91 billion.
Following on similar profit slumps from miners Rio Tinto and Fortescue earlier this month, the company blamed the fall on lower commodity prices. However, it remained upbeat on weathering the storm, as Australia's share of Chinese imports rose 64% in the first half of this year.
"This back drop will favour low-cost producers with economies of scale," CEO Andrew Mackenzie said in a webcast posted on 27 August. "Cycles are part of our industry. We will only approve projects when the time is right."
Source: IHS Maritime
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