An Open-cut coal mine in Australia
(Picture: AFP via Getty Images)BHP, the world’s biggest mining company, is making a record dividend payment to shareholders, after coal prices surged in the wake of Russia’s invasion of Ukraine.
Annual profit from operations at the former FTSE 100 company rose 34% to over $34 billion, from revenue of $65 billion, up 14%. Its coal division returned to profit before tax of almost $9 billion, from a loss of $577 million a year ago. That offset a drop in profit at BHP’s iron ore operations of $4.6 billion to $21.7 billion, as wider commodity markets slipped in line with the darkening outlook for the global economy as central banks raise rates to fight inflation.
