BHP Takes $3.1 Billion Hit Due To China’s Pandemic Restrictions ...Middle East

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BHP Takes $3.1 Billion Hit Due To China’s Pandemic Restrictions
source : OILPRICE ( Middle East ) () 19
The world’s largest mining company BHP Group (BHP) has suffered a heavy decline in profits, following a dip in iron ore prices and heavy pandemic restrictions in China last year – its biggest customers. BHP reported a 32 percent fall in half-year profits – recording underlying earnings of £5.5bn ($6.6bn), down from £8.1bn ($9.7bn) a year earlier – as China’s strict zero-COVID-19 policy curtailed economic activity and dented demand. This weighed down iron ore prices, while miners grappled with surging costs…

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