BHP: Asia market intact despite challenges

Tuesday, May10, 2011 13:15:47 |English.news.cn

BEIJING, May 10 (Xinhuanet) --The world's largest miner, BHP Billiton says the global economy is fragile, with persistent unemployment and inflation the twin threats. The medium term outlook is also challenging, as monetary and fiscal tightening and economic restructuring take hold around the world.

But BHP Chairman Jac Nasser says the shift in economic weight to Asia remains very much intact, and Australia and BHP would be able to manage this transition for another period of prosperity.

Australia is the world's biggest exporter of iron ore and coking coal. BHP itself has earmarked 9.5 billion US dollars out of a staggering 80 billion in proposed spending over five years, for more mines across Australia.

(Source: CNTV.cn)