(Updates with company comment in second paragraph)
Oct. 25 (Bloomberg) -- BHP Billiton Ltd., the world’s biggest mining company, said China has the ability to sustain economic growth during times of global turmoil and will continue to expand rapidly.
“There are fundamental long-term shifts taking place in the global economically,” Chief Commercial Officer Alberto Calderon said today at a business forum in Perth. “If you look at the past 30 years, global GDP has increased primarily because of the developed nations.”
BHP reported record first-quarter iron ore production this month, driven by demand from steel mills in Asia and expansions at its Australian mines.
BHP, which in March approved a $7.4 billion expansion to boost output at the Western Australian iron ore mines, joins Rio Tinto Group in reporting higher quarterly production. China’s ore demand is holding up after the economy grew 9.1 percent in the quarter, Vale SA, the world’s largest producer, said last week.
Countries including China, India, Russia, Brazil, Indonesia and Mexico were “in the very early stages of large-scale industrialization and are growing at a rate of almost three times their developed counterparts,” Calderon said.
BHP gained 0.9 percent to A$37.17 at the close of trading in Sydney. The shares have fallen 18 percent this year.
--Editors: Indranil Ghosh, Ryan Woo
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