Mining giant BHP Billiton posts record loss for past yearAugust 16, 2016 - 14:33 AMT PanARMENIAN.Net - Mining giant BHP Billiton has reported a record loss for the past year following a mining disaster in Brazil and a slump in commodity prices, BBC News reports. The Anglo-Australian commodities firm reported an annual net loss of $6.4bn for the year to 30 June. The global mining sector has seen years of weak demand attributed largely to slowing growth in China. BHP results were also hit by costs after the Samarco mining disaster in Brazil, which killed 19 people. The record losses come after the company had reported a $1.9bn net profit. "While commodity prices are expected to remain low and volatile in the short to medium term, we are confident in the long-term outlook for our commodities, particularly oil and copper," chief executive Andrew Mackenzie said in a statement. Underlying earnings for the past year, which strip out one-off costs, came in at $1.22bn. Related links: Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Armenian delegation participating in NATO PA session The delegation is headed by Andranik Kocharyan, the chairman of the standing committee on defense and security matters. Schengen visa cost won’t change for Armenia – diplomat The increase in the cost of a Schengen visa will not apply to citizens of Armenia, a Foreign Ministry spokesperson has said. Yeremyan Projects opens state-of-the-art dairy production plant Yeremyan Projects officially launched the Yeremyan Products state-of-the-art milk processing plant in Yerevan on May 24. Armenian PM’s helicopter makes emergency landing in Vanadzor The helicopter transporting Armenian Prime Minister Nikol Pashinyan made an emergency landing in Vanadzor. |