AXMIN Inc (TSXV: AXM)
AXMIN Inc. (TSXV:AXM) is a Canadian-based exploration and development company with a strong focus on central and West Africa.
BHP Billiton reported underlying profits increased by a third in the year through June as the world’s biggest miner benefited from higher commodity prices and increasing volumes.
Still, the 33 per cent rise to $8.9bn – excluding one-off gains and losses – came up short against an average estimate of $9.2bn from analysts polled by Reuters.
BHP reported higher than expected impairment charges of $5.2bn related to the write-down of its US shale assets, the 2015 Samarco dam disaster in Brazil and US tax reform. Once accounted for those dragged down the company’s attributable profits by 37 per cent from a year ago to $3.7bn.
Chief executive Andrew Mackenzie struck an upbeat note despite the company’s ignominious retreat from the US market, which saw it agree in July to sell its shale assets to BP.
“We have started the new year with the sale of our onshore US business for US$10.8bn, and once completed we expect to return the net proceeds to shareholders,” said Mr Mackenzie.
The miner reported a record dividend of 63 cents per share, up from 43 cents per share a year earlier.
Source: FT.com
