Mining industry giant BHP reported a record loss

Mining_industry_giant_BHP_reported_a_record_loss

The mining industry giant BHP Billiton reported a record loss for the last year after an accident in a mine in Brazil and as a result of the decline in commodity prices.

The company from the group of AngloAustralian reported a net loss of 6.4 billion dollars for the fiscal year that ended June 30th.

To a great extent, the negative result is not surprising given that in recent years the entire industry suffered from weak demand mainly because of the slowdown of the Chinese economy, writes the BBC.

The poor performance of BHP was largely caused by the accident at the mine Samarko in Brazil, in which 19 people died.

“While commodity prices are expected to remain low and volatile in the short to medium term, we are confident in the long-term outlook for our commodities, particularly oil and copper,” said CEO Andrew Mackenzie.

BHP Billiton has the potential to return to positive financial results, given that it is one of the largest producers of basic raw materials, including iron ore, coal, uranium and others.

 

 

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