Rising coal demand brings record profits to BHP

BHP Group, one of the world’s largest miners, increased its annual profits by 26 percent thanks to rising coal prices. While the sanctions against Russia following the invasion of Ukraine led to a resurgence of coal in the energy market, they also had a doping effect on the balance sheets of mining companies. Rising coal prices led to a 26 percent increase in the annual profits of BHP Group, one of the world’s largest mining companies. The company announced a profit of $23.82 billion for the fiscal year ending June 30. Analysts surveyed by Bloomberg had expected $21.63 billion. The Australian company declared a final dividend of $8.9 billion, or $1.75 per share, bringing its total payments for the year to $16.5 billion. In doing so, the company took these payments to the highest level in its 137-year history. BHP said shareholder returns were close to $36 billion, including Woodside Petroleum shares given to shareholders in exchange for the sale of the miner’s oil division.