[miningmx.com] – THE severity of the commodities slump was greater than expected but it was wrong to blame it entirely on a slowing of the Chinese economic growth, said the Sydney Morning Herald which cited an interview by the Australian Broadcasting Corporation with Andrew Mackenzie, CEO of BHP Billiton.
Price declines “have been a lot more dramatic than probably we thought they would be at the start of the year,” Mackenzie said. “I would say it’s wrong to see a prolonged period of lower prices as entirely a product of China moving more into a services-based economy.”
Tumbling oil prices and the failure of developed nations to sufficiently promote free trade were hampering global growth and weighing on commodities prices, said Mackenzie. “Continued downgrades to growth projections for the world are as much driven by that, in fact more driven by that, than what’s happening in China,” he said.
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