Shares in BHP Group (ASX:BHP), a global mining heavyweight, fell as much as 2.0% to A$42.650, their lowest level since June 2.

BHP is a top weight on the ASX 200 benchmark index in terms of market value.

This happened as the index nudged down by 0.2%.

The company recorded its lowest annual profit in three years as the prices for crucial commodities moved down from their multi-year highs.

Their underlying attributable profit for FY23 fell 37% to $13.42 billion, a short in comparison to the Refinitiv estimate of $13.89 billion.

BHP has expressed concerns about the potential impact of higher interest rates on growth in developed economies while assuring the demand remained robust in China and India.

The mining giant has announced a final dividend of $0.80 per share, equivalent to 59% payout as opposed to the 65% payout which had been anticipated by Macquarie analysts.

The company experienced a decline of 4.6% this year as of the last close, set against a 3.8% downturn in the ASX 300 Metals & Mining index.

BHP Group (ASX:BHP) is a leading global miner specializing in various commodities such as iron ore, coal, and copper.