STORY: BHP said Tuesday (August 19) its annual profit fell to its lowest in five years.

That’s as sluggish China demand weighed on iron ore prices.

But it declared a bigger-than-expended final dividend, sending its shares higher.

The Australian firm also raised its debt target and said it would consider acquisitions in commodities like copper.

The world’s largest listed miner’s full year profit was $10.16 billion.

Down more than a quarter from last year and below analyst expectations.

Iron ore prices were pressured for much of the year through a combination of factors.

This included more products being shipped from Australia, Brazil and South Africa…

As well as lower steel production in top consumer China.

It affected earnings not just for BHP but other top miners like Rio Tinto.

BHP’s average realized price for iron ore fell by 19% during the year.

But that was partly offset by stronger prices for copper, its second-biggest profit driver.

Still, the miner said it expects demand for its commodities to remain resilient.

That’s even as the global economy faces an uncertain environment due to “shifting trade policies.”