Miners have wrestled with surging costs and a tight labour market amid sharply lower iron ore prices over the latter half of 2022, as China's strict zero-covid-19 policy curtailed economic activity. Mining
BHP Group reported a 32.1% drop in its first-half profit on Tuesday, as a stringent zero-covid policy in top consumer China weighed on iron ore prices and surging inflation led to higher production costs.
Miners have wrestled with surging costs and a tight labour market amid sharply lower iron ore prices over the latter half of 2022, as China’s strict zero-covid-19 policy curtailed economic activity and dented demand.However, the Melbourne-based miner now eyes a recovery in demand for steelmaking products from China as the world’s second largest economy eases covid curbs and lends support to its struggling property sector.
The world’s largest listed miner said underlying profit attributable from continuing operations was $6.60 billion for the six months ended Dec. 31, compared with $9.72 billion copper and gold producer OZ Minerals Ltd OZL.AX for A$9.6 billion in November, declared an interim dividend of $0.90 per share, compared with $1.50 per share declared a year earlier.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BHP upbeat on demand outlook as China reopens, first-half profit missesGlobal miner BHP Group was positive about demand outlook through to fiscal 2024 as top metals consumer China reopens and shifts policy towards its debt-laden property sector, the company said on Tuesday after its 2023 first-half profit missed estimates.
Read more »
Florida Experiences Record Tourism in 2022Florida experienced record tourism in 2022, Gov. Ron DeSantis’s (R) office announced this week.
Read more »
Record numbers of tourists brought billions in business to Fort Worth in 2022At their annual meeting held Friday, Visit Fort Worth touted that the city saw a record number of tourists in 2022 - to the tune of almost 11 million people.
Read more »
Don’t Forget These Tax Changes as You Prepare Your 2022 ReturnsTax Day is April 18 this year—and some changes to tax breaks and other things could mean smaller refunds for many filers
Read more »
The GOP’s 2022 Midterm Losers Are Looking to Make a ComebackEstablishment Republicans’ latest headache? The “low quality” MAGA candidates who choked away the midterms want to run for office again.
Read more »
For Women Journalists, 2022 Was a Year of Courage and RevolutionIn 2022, we witnessed a war, the uprising of women in a country, the arrest of women journalists, and the deprivation of a vast number of women’s rights, including education,
Read more »