Home Business NewsBusiness Here's what lost mining giant BHP Billiton a whopping £5bn

Here's what lost mining giant BHP Billiton a whopping £5bn

16th Aug 16 9:20 am

Biggest loser of the day

Mining giant BHP Billiton has been by a record loss after the mining disaster in Brazil ate into its profits.

The Anglo-Australian commodities firm posted an annual net loss of $6.4bn (£5bn) for the year to 30 June. Underlying earnings for the past year, which strip out one-off costs, came in at $1.22bn.

Ths Samarco mining disaster in Brazil killed 19 people.

“While commodity prices are expected to remain low and volatile in the short to medium term, we are confident in the long-term outlook for our commodities, particularly oil and copper,” chief executive Andrew Mackenzie said in a statement.

Michael McCarthy, an analyst at CMC Markets in Sydney, told the BBC: “There a signs in the commodity prices – and in particular for iron ore and oil – that they have stabilised.

“The demand might be edging back to equilibrium again and that’s good news for the longer term for BHP shareholders.”

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