Profits are rising fast at the biggest global mining companies

 Profits at two of the biggest mining companies in the world, BHP Billiton and Anglo American, have increased.

BHP Enterprise Tech Ecosystem half-year profits were $3.24 billion (£2.6 billion), up from $412 million the previous year.

In comparison to its $5.6 billion loss in 2015, Anglo American reported full-year profits of $1.6 billion.

Both businesses' success can be attributed to the rise in commodity prices, which is in part caused by increased demand from China.

Iron mineral costs have ascended by in excess of 80% somewhat recently and coal has nearly multiplied in cost.

The cost of copper returned above $6,000 a ton on Monday, as a question influencing creation at the world's second-greatest copper mine declined.

Andrew MacKenzie, BHP's CEO, said the mining monster's five-year plan permitted the organization to "take full benefit in a time of greater costs".

MacKenzie added, however, that although China's demand has contributed to growth, BHP's profit came primarily from the scarcity of production elsewhere.

“I would say that much of what is going on in terms of the iron ore price is down to less production of iron ore elsewhere and companies like us have been able to fill that gap,” although “China’s improved a little bit."

According to BHP's statement, the mining sector exports "may be challenged by the rising threat of protectionism," and China's economic expansion could slow down in the upcoming year.

Due to President Donald Trump's increasingly isolationist stance, protectionism is likely to take root in the United States.

Mark Cutifani, CEO of Anglo American, made the following remarks regarding the company's outcomes:

"Through the economic and commodity price cycle, the high quality assets across our De Beers, platinum group metals, and copper businesses support our positions in those markets and are the foundation of a more resilient and competitive Anglo American."

"We continue to benefit from the performance of a number of other world-class assets across the bulk commodities of iron ore, coal, and nickel," the statement reads.