BHP said underlying profit for the year to June rose 30% to $13.2bn, beating
analysts, as higher commodity prices—notably record-high copper—lifted earnings.
Copper revenue exceeded iron ore revenue for the first time. The group declared
a final dividend of $0.99 per share, implying a 72% payout ratio. BHP projects
global copper demand will rise from about 34 mln tons today to 50 mln t by
2050, but said copper output at its Chile operations is falling due to grade
declining and aging mines, forcing billions of dollars of sustaining capital to
maintain production.
