Business Mining News

"BHP's First-Half Profit Exceeds Expectations Despite Inflation and Nickel Industry Woes"

BHP Group reported a first-half underlying profit that slightly exceeded analyst expectations, driven by strong iron ore prices and receding inflationary impacts. The company expressed cautious optimism about a demand recovery in the developed world and highlighted positive momentum in India. BHP expects a more balanced global economy and anticipates a positive impact on the industry in 2024. Despite a 0.3% dip in shares, the company declared an interim dividend of $0.72 per share and discussed challenges in the nickel market, including a $2.5 billion impairment charge for its Western Australia Nickel business and the potential slowdown of its copper nickel project due to the nickel market slump. BHP urged the Australian government to improve policy settings to drive long-term competitive positioning in the mining sector.