BHP announces 41% profit increase

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The world's largest mining firm, BHP Billiton, has reported that its net profits rose 41% during the second half of last year to $6bn (£3.04bn).

The Anglo-Australian company said the increase was due to strong demand for minerals, especially from China.

BHP Billiton said prices for copper, zinc and coal reached their highest levels last year since the 1970s.

The company also said its chief executive Chip Goodyear would retire at the end of 2007.

The mining giant said it expects the strong demand from China for minerals to continue into next year.

"Despite the expansion of China's domestic production base," the company's statement said, "imports of commodities will continue to play a crucial role in supporting the country's industrialisation."