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Thursday, Oct 24
BHP expects commodities demand to rise 75% over 15 years
- BHP Billiton (BHP +0.7%) CEO Andrew MacKenzie expects global commodities demand to grow 75% over the next 15 years driven in part by continued urbanization in emerging economies.
- Speaking at BHP's annual general meeting, MacKenzie says "we are already seeing signs of recovery in the global economy" after a challenging year due to slower global economic growth and weaker commodity prices.
- Chairman Jac Nasser says BHP is seeing moderate growth rates in the U.S. economy while conditions in Europe remain challenging; in China, economic growth is expected to rise 7% next year, a bit lower than Q3's 7.8% but Nasser still expects demand levels for commodities to continue to rise as people continue to migrate from the countryside to cities.