Mining Giant Lifted by Chinese Demand
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Mining giant BHP Billiton today unveiled record full-year results after commodity prices soared on the back of surging demand in China.
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The company said earnings jumped because of shipments recovered after a labor dispute and a rise in demand for specialty metals used in power plants.
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BHP Billiton played down jitters in commodity markets over the Chinese economy on Friday, by predicting demand would &quot;be sustainable over the long term&quot;.
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Shares in BHP Billiton Ltd.  , the world's top miner, opened 5.3 percent higher on Wednesday after it surprised the market with an additional US$10 billion share buyback.
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BHP Billiton, the world's largest miner, has posted a record annual net profit of 10.45 billion US dollars and delivered an upbeat outlook amid unprecedented global demand for commodities.
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A consortium led by Chinaâs biggest gold mining company, the Zijin Mining Group, has made a $185.4 million bid for the British copper mining company Monterrico Metals in what could become Chinaâs first outright takeover of an overseas listed company. The acquisition would be the latest in a series of low-profile but substantial purchases of overseas mining assets by Chinese companies, part of the countryâs quest to diversify supplies of strategically important resources. Monterrico, which is based in London, holds rights to the still-undeveloped Rio Blanco copper and molybdenum deposits in northern Peru, which the company says could yield up to 25 millions tons of copper ore a year. Zijin holds a 45 percent share in the consortium, with a Chinese copper mining company, Tongling, taking 35 percent and Xiamen C& D, a trading and real estate conglomerate, holding 20 percent, Zijin said.
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The company said profit in the latest quarter rose more than 10 percent on strong sales to mining, energy and construction customers outside the United States.
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The world&#39;s biggest mining group, BHP Billiton Ltd./Plc. said on Wednesday its second-half net profit more than doubled on strong demand for industrial raw materials, and forecast sustained high prices for commodities.
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The world&#39;s largest miner, BHP Billiton, yesterday said that high oil prices were affecting spending worldwide but China&#39;s demand for commodities over the longer term was heartening.
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SYDNEY (Dow Jones)--Continued strong steelmaking demand from China is expected to drive an 18.6% lift in iron ore prices for Australian producers into 2005, the government&#39;s Australian Bureau of Agricultural &amp; Resource Economics said Monday.
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BHP Billiton&#39;s record-breaking profit was driven by China&#39;s seemingly insatiable demand for commodities. Picture:Bloomberg ...
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BHP Billiton Ltd./Plc. , the worldâs largest diversified miner, said on Tuesday it would buy back up to A$1.5 billion ($1.1 billion) of its shares.
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Europe's main stock markets rebounded on Tuesday, with London lifted by heavyweight mining shares after a recovery by Wall Street overnight.
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When China booms, so do UK mining stocks. China&#39;s insatiable appetite for commodities this year has been the main reason that mining stocks have had another good year.
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Growth in Chinese industrial output picked up last month, boosted by strong export demand, figures show.
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Chile's copper mining industry saw record earnings of $14.2 bn in 2004, partly due to strong demand from China.
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The world's biggest miner, BHP Billiton  Ltd./Plc.  , announced the surprise resignation  of Chief Executive Chip Goodyear and set an extra $10 billion  in share buybacks, driving its shares up 5 percent.