PERTH (miningweekly.com) − BHP Billiton, the world’s largest diversified miner, said on Thursday it was more cautious on the short-term outlook for commodity markets, but stressed that it remained committed to its $80-billion organic growth plan.

He noted that the industrialisation and urbanisation occurring throughout the world was “far from being a short-lived phenomenon or routine commodities boom”, adding that the world was in the early stages of a structural shift in the global economy, which would last for several decades.

“Therefore, notwithstanding the current challenges for the global economy, we expect the influence of developing nations to become more pronounced as their economies contribute a greater portion of global gross domestic product,” he said.

“Against this backdrop, the future long-term demand for our products will remain strong.”

Kloppers said that BHP’s strategy of operating a portfolio of large, long-life, low-cost and expandable assets, meant that the company was able to supply a suite of products to meet the resources demand of emerging economies, at every stage of their growth.

“Our products are the raw materials fuelling not just today’s growth, but growth that will happen a century from now. This means that we will truly be able to deliver on our promise of resourcing the future.”

Over the next five years, BHP would invest some $80-billion in its organic growth programme, with investments prioritised to ensure that the company was placing its capital to work in areas of the portfolio that would generate the best returns.