Coal to Iron Ore Gains Power Profit Rebound at Top Miner

A rebound in coal to iron ore powered a five-fold surge in profit for BHP Billiton Ltd. as it posted underlying earnings of $6.7 billion in the year through June, although the result missed estimates. Prices received for hard coking coal jumped 117 percent over the period, as energy coal advanced 56 percent, and U.S. natural gas and iron ore both gained by about a third. Demand in China, particularly from infrastructure, is helping to support commodities prices, the world’s top miner said.