BHP Billiton sees a dive in profits
Thursday 23 August 2012
BHP Billiton has delayed its planned $20bn (£13bn) Olympic Dam copper expansion and said no major projects would be approved in the year to June 2013, as it battles escalating capital costs.
The global miner reported a 35 per cent slide in second-half profit to $7.16bn and its first fall in annual profit in three years in the face of falling commodity prices as China's economic growth cools. This wrapped up a torrid earnings season for the world's biggest miners.
Big miners have all been battered by weaker prices for iron ore, copper, coal, nickel and aluminium as economic growth in big-buyer China slows to what is expected to be its weakest pace in more than a decade.
Expanding Olympic Dam, the world's fourth-largest copper deposit and largest uranium source, was one of three mega projects that were due to go to the BHP board for final approval by December 2012 in an $80bn pipeline of projects.
- 1 Enrique Iglesias injured trying to catch a drone mid concert
- 2 Caitlyn Jenner, formerly Bruce Jenner, reveals new look on Annie Leibovitz shot Vanity Fair cover
- 4 Man on naked bike ride gets ejected after becoming aroused
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
iJobs Money & Business
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...
£25 - £30K: Guru Careers: We are seeking a highly-motivated and ambitious Comm...
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...