1% No return to supercycle BHP
Ines Schumacher | Wed, 23 Sep 2009 10:32[miningmx.com] -- GLOBAL miner BHP Billiton did not expect the commodities market to return the levels that once drew commentators to declare it a 'supercycle'. "We do not expect a return to the same buoyant demand conditions that prevailed before the global financial crisis," said Marius Kloppers , CEO of BHP Billiton. "Or a return to record global growth rates within our forecasting horizon". Kloppers, who was commenting in BHP Billiton's annual report published on Wednesday, said however China was beginning to stimulate world economic demand. Chinas reduction of lending controls in November 2008 had facilitated an increase in real estate and mortgage lending. This, in turn, supported an increase in construction and increased demand for raw materials, said Kloppers. China also announced infrastructure stimulus measures to improve its rail, road and air transport links which also created fresh demand for raw materials. China represents 20% of BHP Billiton's revenue and 50% of the worlds raw material consumption. Don Argus, BHP Billiton chairman, said there was evidence in the US, UK, Europe and Australia of increasing stability in financial systems and economies. Over the longer term, we believe that emerging economies such as China and India will contribute the majority of world economic growth as they continue to industrialise, which will see demand for commodities continue to grow, he said. BHP Billiton has had to curtail production across its metallurgical coal, manganese, nickel and iron ore pellet operations. BHP Billiton, which in August reported a 62% decline in attributable profit to $5.9bn, has seen its share price gain 34%. It was last trading at R209.27/share.
USER COMMENTS () Click to View
COMMENT
SHARE
E-MAIL
PRINT
Most Read
Commented
Ed's Choice
- »ETF threat hangs over gold
by Allan Seccombe | 08 Mar 2010 18:01 - »South Africa slips to 4 in gold rankings
by Allan Seccombe | 12 Mar 2010 13:03 - »First Uranium shake up marks fund raising
by Allan Seccombe | 12 Mar 2010 14:51 - »AngloGold gets serious
by Allan Seccombe | 11 Mar 2010 15:51 - »African Diamonds under pressure
by Brendan Ryan | 12 Mar 2010 14:39
- » JSE probes ArcelorMittal conduct
by Jan de Lange | 09 Mar 2010 11:20 - » ETF threat hangs over gold
by Allan Seccombe | 08 Mar 2010 18:01 - » Swanepoel sells out of Delta Mining
by Brendan Ryan | 02 Mar 2010 13:25 - » Mines top brass in coal row
by Brendan Ryan | 03 Mar 2010 16:33 - » De Beers criticises State Diamond Trader
by Brendan Ryan | 01 Mar 2010 11:57
- » ETF threat hangs over gold
by Allan Seccombe | 08 Mar 2010 18:01 - » Sun rising on SA platinum sector
by Brendan Ryan | 03 Mar 2010 10:01 - » South Africa slips to 4 in gold rankings
by Allan Seccombe | 12 Mar 2010 13:03 - » Mines top brass in coal row
by Brendan Ryan | 03 Mar 2010 16:33 - » Big enough is no longer good enough
by David McKay | 07 Mar 2010 10:04
More news from Markets
Multimedia
LATEST PODCAST | Mvela Resources and corporate action
| 12 Mar 2010 -
More 
The MiningMx team debate possibilities of corporate action at Mvela Resources and get an analyst opi ...
Listen
RADIO WRAP | More
Chamber's proposal gives an "almost bearable" alternative - Dick Kruger, CoM |
Opportunities for growth in diamonds - Trans Hex CEO Delport |
The MiningMx team debate possibilities of corporate action at Mvela Resources and get an analyst opi ...
Listen 
Podcasts
RSS Feeds
Jobs
Events
JSE Listed stocksReal time resources data.
FREE News Alert! Subscribe to our News Alert