After BHP, Australia's largest mining company, saw its half-year profits fall significantly due to increased inflation and lower commodity prices, it announced its intention to sell two more of its Australian coal mines. It has begun the process of selling Daunia and Blackwater, two of the nine coal mines it owns jointly with Japan's Mitsubishi.

BHP expects the resumption of activity in China to boost global demand for raw materials following the decline in commodity prices. The company's revenue fell 16% to US$25.7 billion in the second half of 2022, while pre-tax profit fell 30% to US$10.2 billion compared to the same period last year. Inflation and rising labor costs have begun to affect the mining industry worldwide, leading companies to consider consolidating and divesting underperforming assets to boost revenues.

Iron ore prices, which typically account for more than half of BHP's profits, fell by more than 20% in the second half of last year compared to the previous year. Since November, however, prices have risen significantly due to increased activity in China following the relaxation of its zero-metal policy. Going forward, BHP is also positive about the lifting of the unofficial ban on Australian coal imports into China.

The mining company will pay its shareholders a semi-annual dividend of $6.6 billion ($0.90 per share), down from the $1.50 paid in the same period last year, but still ranking fifth on the list of dividends paid to BHP shareholders.