The Australian mining giant BHP Billiton has reported a nearly 70% rise in its annual profits because of the recovery in commodity prices. According to the figures released by the company, it has made a profit of 19.6 billion dollars in the 12 months till the end of June compared to its profit of 11.6 billion dollars of a year ago.

The profits of last year were hit by the reduced demand of commodities because of the global economic downturn.

In this press release from BHP, it did not mention about the 40 billion dollars take over deal with the Canadian fertilizer producer Potash Corp which was rejected by Potash in last week.

But later the chief executive of BHP Billiton, Marius Kloppers has said that BHP would never over pay for the fertilizer producer. BHP is planning to form a new committee to handle the Potash take over issue.

As per the financial reports of the company the mining giant seems to be in a very strong financial position because of the increasing price of iron ore and copper.

The company has also reported 5.2% rise in its revenues for the same period while its debts fell to 3.3 billion dollars.