BHP revenues rise 3% as miner warns of ‘uneven recovery’ for China demand

Revenues rose 3 per cent at BHP, the world’s largest mining company, as it said an “uneven recovery” in the Chinese economy, sluggish industrial demand and higher interest rates will continue to cause volatility in global commodity markets.

The company said revenue for the year to June rose 3 per cent to $55.7bn while underlying earnings increased 4 per cent.

However, profit attributable to shareholders fell 39 per cent to $7.9bn due to a $2.7bn writedown of nickel assets and a $3.8bn charge related to a dam collapse in Brazil. The full-year dividend fell 14 per cent over last year.

BHP said it expects Chinese steelmaking to ease further this year and demand for iron ore, the key ingredient for steel, to be lower in the medium term.