Billiton Ltd. expects continued economic recovery in the United
States and growth in Asia, while the European outlook remains
challenging and uncertain, chairman Jac Nasser said at the
miners annual general meeting Nov. 21.
"Over the last year,
the U.S. experienced moderate growth rates, with the U.S.
housing sector and the stock market strengthening household
balance sheets. We are confident of the continued recovery in
the U.S. despite some risk from the unwinding of monetary
stimulus," he said. "On the other hand, conditions in Europe
remain challenging, although relatively more stable. The
European economy still faces structural issues, and uncertainty
is likely to continue in the near term"
Billitons financial results have been affected by the
slowdown in China, Nasser said, but pointed to continued strong
growth in Asia and Chinese economic growth of more than 7
percent next year.
"China and other
emerging economies will be the major drivers of global economic
growth in the long term, which could deliver up to a 75-percent
increase in demand for some commodities over the next 15
years," he said.
"In China ... weaker
trade and softer manufacturing activity have been a slight drag
on growth relative to expectations," Nasser said. "In Asia, we
see strong growth overall. In Japan, the renewed policy push is
positive for medium-term growth if the government can achieve
its stated objectives."
attributable profit for the fiscal year ended June 30 fell 29.5
percent year on year as revenue declined 8.7 percent to $66
A version of this
article was first published in AMM sister publication Metal