Mining giant Billiton posts $15 bn profit

August 18th, 2008 - 4:08 pm ICT by IANS  

Sydney, Aug 18 (DPA) The world’s biggest miner, BHP Billiton, Monday posted a record annual profit for the seventh year in a row. Profit for the 2008 financial year came in at $15 billion, up nearly 15 percent from last financial year.

The good result was expected because of higher production and higher prices for oil, copper, iron ore, coal and manganese.

BHP Billiton said demand was expected to remain strong over the longer term but to slow in the short term.

“The continuing massive industrialization in China is providing solid support to the global economy,” the company said in a statement.

BHP Billiton was created in 2001 by the merger of Australia’s Broken Hill Proprietary Company (BHP) and the UK’s Billiton, which had a South African background.

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