MercoPress. South Atlantic News Agency

Mining giant BHP Billiton profits slump 51% and sales 16%

The mining company holds licences for hydrocarbons exploration and production in Falklands’ waters.

Annual profits at mining giant BHP Billiton have more than halved after demand for commodities slumped. The company has more than 100 operations across the world, including South America and the Falkland Islands.

The firm ended a seven-year run of record results, making a pre-tax profit of 11.6 billion US dollars, down 51% from 23.5 billion a year earlier.

The miner said that even if economic conditions improved, it did not expect commodity prices to move significantly as supply would also increase.

However, it was upbeat on long-term demand for its products.

Annual sales fell 16% to 50.2 billion in the year to the end to June.

The firm employs more than 40,000 people across 25 countries. Its more than 100 operations with commodities include coal, iron ore, platinum, uranium, silver and diamonds and hydrocarbons exploration in the Falkland Islands.

BHP Billiton has a 40% interest in 14 offshore exploration and production licences in the East Falkland Basin together with Falkland Oil and Gas Limited.

The Anglo-Australian firm has benefited in recent years from a China-driven resources boom.