STORY CONTINUES BELOW THESE SALTWIRE VIDEOSMELBOURNE -BHP Group on Tuesday said it saw solid growth from some sectors in China as it logged its weakest annual profit since 2020, but added it was too early to assess the impact of Beijing's policy measures on the country's housing market.
A recovery in the world's second-largest economy has lost steam due to a worsening property slump, weak consumer spending and tumbling credit growth, adding to the case for authorities to release more policy stimulus. Inflationary pressures would continue to impact its business in fiscal 2024, BHP warned, raising its spending estimates and estimating mining costs to be above pre-pandemic levels.
"You can't deny that commodity prices have come off a fair bit from where they were, they are still pretty healthy, the iron ore price in particular," Forster said. BHP's capital and exploration expenditures climbed 16% over the year to $7.1 billion as costs rose about 9%. BHP expects those expenditures to rise to $10 billion in the next two years.
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