grounds to impose the mining tax ?

BHP Billiton more than doubles full-year profit

David Fickling From: Dow Jones Newswires August 25, 2010 4:34PM

BHP Billiton said today full-year net profit more than doubled to $US12.72 billion ($14.5bn), driven by demand for its commodities.

The world's largest mining company, whose $US38.6 billion hostile bid for Potash Corp was rejected by the Canadian fertiliser company's board last week, said revenues rose 5.2 per cent to $US52.8bn in the year ended June 30, from $US50.21bn the previous year.

Net debt was $US3.31bn, with net gearing of 6 per cent, compared with $US7.92bn and 15.1 per cent gearing at the end of December 2009, giving it more scope for the all-cash offer.

Excluding exceptional items, net profit was $US12.47bn, up 16 per cent on the previous year's $US10.72bn and slightly below a $US12.6bn consensus of 11 international broker forecasts compiled by the company.
BHP said a weaker US dollar hit its results by $US2.15bn.

The company declared a final dividend of US45 cents a share, up from US41c in the previous year, and in line with the US44.6c average of five broker forecasts.

The proposed Pilbara iron ore joint venture with Rio Tinto was making progress.

THIS WILL STIR UP THE MORONS.