BHP Billiton fuelled by Chinese demand

The world’s biggest mining firm, BHP Billiton, today said China’s voracious appetite for raw materials had helped fuel a seventh successive year of record profits.

The Australian company said China remained a “key driver” of global commodity consumption amid strong demand from other emerging economies.

This has fuelled higher prices across across most of its major commodities and BHP expects prices “high relative to historic levels” going forward.

Underlying profits rose 12% to US$15.4bn (€10.4bn) in the year to June 30. The company is currently engaged in a hostile US$150bn (€101.65bn) takeover tilt at rival Rio Tinto.