The mining giant reported a 37 per cent slump in full-year underlying profit as iron ore prices fell on the back of a slowdown in global economies.
Mining giant BHP says commodity demand is still relatively robust in China and India, but a slowdown in global economies is hitting iron ore prices as high inflation digs into its revenue.
China’s growth trajectory is contingent on Beijing’s policy response as it grapples with an unfolding property crisis, but India’s buoyant construction activity was underpinning an expansion in steelmaking capacity, Henry suggested.
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