BHP profit misses estimates

Mining giant announces $2.6 billion investment in controversial Jansen potash project, FY profit falls despite record production.

Lower commodity prices have cut profits for BHP Billiton (BHP) to $US10.87 billion in 2012-13, as the miner announced it will invest $2.6 billion in its controversial Jansen potash project.

Falling iron ore and coal prices pushed underlying profit 31.3% lower to $US11.79 billion – well short of analyst expectations for around $12.7 billion.

Net profit, including significant items, was 29.5% lower at $US10.87 billion.

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