The world's largest-listed miner announced in its results that its firsthalf net income slumped 86 per cent from the year before. This sparked a cut in its interim dividend to
However, the firm's underlying profit attributable to shareholders was
"There's going to be a multi-year period of over-supply in nickel" that could last until the end of this decade, chief executive officer
Bloomberg in a post-results call.
"The consideration that we need to give to nickel is what we do with our business in the intervening period, given that it's currently loss-making and it has been for some time."
BHP said it expects a "more balanced global economy and evidence that the worst of the general inflationary wave is behind us will have a positive impact on our industry in calendar year 2024."
(c) 2024 City A.M., source