(Recasts paragraph 1 with profit milestone, and context in paragraph 2)
Aug 22 (Reuters) - BHP Group (BHP) on Tuesday reported its lowest annual profit in three years as prices for its key commodities including iron ore and copper slipped from multi-year highs touched during the COVID-19 pandemic owing to weak demand.
Prices for iron ore, BHP's top revenue-generating commodity, retreated from peaks scaled over the past two years owing to a weak Chinese economy and factory activity, with surging costs and a tight labour market in Australia further hurting earnings.
Underlying attributable profit for the year ended June 30 fell to $13.42 billion from $21.32 billion a year earlier, marginally missing a Refinitiv estimate of $13.89 billion.
The world's largest listed miner declared a final dividend of $0.80 per share, down from $1.75 per share a year ago.
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