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BHP upbeat on iron ore, expecting China stimulus

Top miner reports highest profit in four years despite trade war fears

BHP Billiton iron ore loading facility
BHP Billiton’s fiscal 2018 revenue was lifted by record iron ore output totaling 275 million tons.   © Reuters

TOKYO -- BHP Billiton said Tuesday that China's iron ore demand will remain supported by Beijing's efforts to prop up the economy, as the world's largest mining group announced its highest full-year profit in four years against a backdrop of a trade war.

BHP's underlying profit -- the company's preferred earnings gauge --  jumped 33% on the year to $8.9 billion for the fiscal year ended in June, helped by an 8% rise in overall production and higher prices for most of the commodities it deals in. Net profit dropped 37%, undercut by a $2.8 billion write-down of the company's shale assets as it withdrew from the shale-oil business.

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