BHP Delays $68 Billion of Project Approvals as Net Plunges
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BHP Billiton Ltd., the world’s biggest mining company, put approvals for about $68 billion of projects on hold after second-half profit plunged 58 percent as metal prices declined and costs rose.
Net income dropped to $5.5 billion in the six months ended June 30 from $13.1 billion a year ago, according to Bloomberg calculations that were confirmed by the Melbourne-based company. That beat the $3.5 billion median estimate of four analysts surveyed by Bloomberg.