Wednesday, August 10, 2011 3:12:36 PM
http://www.forbes.com/sites/kenrapoza/2011/08/10/bhp-billiton-convinced-china-metals-growth-sustainable/
Despite a global economic slowdown, and attempts to curb Chinese double digit growth, multinational mining company BHP Billiton (BHP) chairman Jacques Nasser told China newswire Xinhua that his company is confident about sustained growth in China.
During a business lunch in Sydney, Nasser said the global market turmoil has not changed the company’s view of sustained growth in China. China buys about 30% of BHP’s exports and is the largest importer of iron ore. A decline in demand would send iron ore prices lower from their current highs, and affect the market cap of not only BHP, but also rivals Rio Tinto (RIO) and Vale (VALE), which is China’s leading supplier of iron ore.
“China will continue to grow. I was there recently and I walked away believing their focus was right, that we may not see 10, 11, 12 percent growth anymore, but we will see seven, eight, nine percent growth and the texture of the growth may change,” he said.
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