Hearing the media tell it, you might think BHP Billiton reported a shocker of a result; the headlines screamed how the miner’s full year result was the worst in a decade. Technically that is true but it occurred within the context of even weaker commodity prices.
Anyone can make money when prices are high and optimism reigns. The test of a miner – its mettle if you like – is how it performs in the bust. This result demonstrated why BHP remains the world’s pre-eminent miner.