BHP Group reported a 26% drop in underlying attributable profit to US$10.2 billion for the year ended 30 June, its weakest result since the pandemic. The world’s largest miner blamed softer Chinese demand and plentiful global supply for pushing iron-ore selling prices 19% lower and driving a near one-third fall in metallurgical coal prices. Despite the earnings slide, the company declared a final dividend of 60 US cents a share, comfortably ahead of analysts’ 51-cent consensus. The payout helped the stock gain as much as 1.7% in Sydney trading. Chief Executive Officer Mike Henry said BHP will cut capital and exploration spending and has widened its net-debt target range to US$10-20 billion from US$5-15 billion, giving the balance sheet more room to manoeuvre. The miner will also review the future of some lower-margin coal operations in Queensland if the state’s "extreme" royalty regime and weak prices persist. In a separate move to streamline its portfolio, BHP agreed to sell copper assets in Brazil to CoreX for up to US$465 million. The company continues to prioritise growth in copper and potash while cautioning that a protracted global trade dispute could keep iron-ore markets under pressure in the near term.