The Anglo-Australian firm BHP Billiton has shown its profits rise by 12.4% during the fiscal year ended in June. It’s a record annual profit from the mining giant that it announced for the seventh consecutive year on the back of swelling commodity prices.
According to BHP predictions, the demand for commodities will be strong in the longer term, however the worldwide economy will move sluggishly in the near term.
Currently, the EU is inquiring BHP’s $170bn proposal for rival Rio Tinto.
If there is a tie-up between Rio and BHP, it would create a company with a one-third of the world’s iron-ore market.
