BHP revenue rises 3% as miner warns of ‘uneven recovery’ in Chinese demand

Revenue rose 3 percent at BHP, the world’s largest miner, as the company said an “uneven recovery” in China’s economy, sluggish industrial demand and higher interest rates would continue to cause volatility in global commodity markets.

The company said revenue in the year to June rose 3% to $55.7 billion while underlying earnings rose 4%.

However, earnings attributable to shareholders fell 39 percent to $7.9 billion due to a $2.7 billion write-down of nickel assets and a $3.8 billion charge related to a dam collapse in Brazil. Full-year dividends were down 14 percent from a year earlier.

BHP said it expected China’s steel production to slow further this year and demand for iron ore, the main ingredient in steel, to be lower in the medium term.