World's biggest mining group extends profits record

The world’s biggest mining group BHP Billiton today posted its fourth set of record annual profits in a row, despite facing a squeeze from higher industry costs.

The Anglo-Australian company reported underlying profits of US$13.7bn (€10.1bn) for the year to the end of June, thanks to high commodity prices, which hit their highest levels since the 1970s, and strong demand from China.

The profits haul comes despite an increase in costs across labour, raw materials, fuel and energy over the past year, which saw BHP’s expenses increase by 3.6%, or US$859m (€636m).