BHP sees signs of economic recovery in China and central bank rate cuts reviving demand for steel and copper but flagged risks to global growth from potential trade tensions, as it logged its lowest first-half profit in six years.

Australian mining giant BHP Group Limited (BHP) has hit a six-year low in profits, primarily due to falling iron ore prices. The company also

BHP has reported a 23 per cent fall in first-half profit, but the miner says demand for key commodities should improve.

The world’s biggest miner by market value reported a jump in first-half net profit but dialed back its dividend as weaker commodity prices eroded underlying earnings.

BHP reported a 23 per cent drop in first-half profit with its interim dividend trimmed to an eight-year low as the payout fell to 50c a share, down from 72c a year earlier.

As a result, BHP is offering a $US0.50 per-share dividend, its lowest interim payout since 2017. Despite boosting the amount of iron ore and copper being produced, lower commodity prices pulled BHP’s profits down. Iron ore attracted about per 22 cent less per tonne, while coking coal made about 23 per cent less per tonne.

BHP Group Ltd.’s first-half profit slumped 23% from the year before, with the mining giant impacted by falling Chinese demand for key commodities including iron ore and copper.

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