BHP’s profit slump prompts dividend cut as China falters

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BHP’s profit slump prompts dividend cut as China falters - Business Mirror

Quick Summary:

BHP Group Ltd.said first-half profit slumped 23 percent as China’s faltering economy dampened demand for iron ore, prompting the miner to trim its interim dividend to an eight-year low.

Benchmark iron ore prices dipped 5 percent during the reporting period, while copper fell 9 percent.

During the reporting period, BHP announced it would spend at least $10 billion to maintain and grow copper production across its Chilean portfolio over the next decade and a half.