Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

BHP profit slumps amid drop in commodity prices

23 august 2023

BHP, the largest mining company in the world that mainly produces iron ore, copper, coal, gold, nickel and uranium, has reported a steep 58% decline in attributable profit for the financial year ended June.

In value terms, its profit fell from $30.9 billion to $12.9 billion. Revenue for the full year was down 17% to $53.8 billion from $65.1 billion a year earlier, primarily as a result of the significantly lower prices for iron ore, metallurgical coal and copper.

The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) was down 31% in the full year from $40.6 billion to $28 billion.

At the same time BHP reported that its iron ore production increased by 1%, while copper mining was up 9% and nickel production rose by 4% during the year.

"Our financial results for the year were strong, underpinned by reliable production together with capital and cost discipline," said BHP's CEO Mike Henry. "Our balance sheet is robust and deliberately positioned to support portfolio growth in commodities the world needs for population growth, urbanisation and decarbonisation."

BHP’s capital and exploration expenditure increased by 16% in the 2023 financial year to $7.1 billion. For 2024 and 2025, the company is targeting a capital and exploration expenditure of $10 billion a year.

"Commodity demand has remained relatively robust in China and India even as developed world economies have slowed substantially. In the near term, China’s trajectory is contingent on the effectiveness of recent policy measures," Henry added. "More broadly, there is increased recognition of the importance of critical minerals and strategies across the globe to incentivise investment in supply and demand, which provides opportunities and challenges."

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished