BHP boost for global growth

BHP Billiton, the world's biggest mining company, dismissed fears that the US credit crunch could derail global growth as it unveiled better-than-expected, full-year results and rewarded shareholders with a soaring dividend payout. Chief executive Chip Goodyear outlined an optimistic view of worldwide demand for raw materials, driven by continuing strong growth in China. He retires in October after nine years at the mining giant, handing over to Marius Klopper. Profits rose 35pc to $13.7bn (£6.88bn) as BHP cashed in on surging demand for oil and metals and high prices. The company saw record production volumes for eight different products including natural gas, aluminium, copper, nickel and coal. Shareholders will receive a 27 cent final dividend on September 28, a 46pc increase on last year's final payment. The full-year dividend is 31pc higher, which the company said reflected its confidence in the outlook. Countering suggestions that volatility in the US and European credit markets could drag down growth in the rest of the world economy, Mr Goodyear said BHP's customers had said they did not expect an impact on demand for raw materials. Mr Klopper said BHP was likely to join in the ongoing mining sector consolidation. BHP has been tipped as a potential bidder for US aluminium giant Alcoa.