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Wednesday, 18th August 2004 (3916 views)

The world's largest mining company, BHP Billiton, has revealed a 78 per cent increase in profit due to rising demand from China.<BR/><BR/>The company's full-year net profit increased to $3.38 billion from $1.9 billion in 2003, as the Anglo-Australian company continues to benefit from strong prices.<BR/><BR/>BHP Billiton, which operates in a number of sectors including gold, also achieved cost savings of $185 million over the last 12 months, bringing the total benefits since the merger of BHP and Billiton to $780 million. <BR/><BR/>In a statement to the stock exchange BHP Billiton said: "World growth, China's strong demand growth and relatively low inventory levels have been instrumental in driving commodity prices to their highest levels in several years."<BR/><BR/>The mining firm also announced possible plans to implement a share buyback as part of a $2 billion capital management programme, however the scheme is dependent on market conditions.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=3247047"/>

 

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