BHP: No iron ore recovery for ten years

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BHP via the AFR:

BHP Billiton chief executive Andrew Mackenzie tipped the global oversupply of mining commodities to drag on for another decade, even as he said iron ore had settled at a more “realistic” price.

In response to a question from a hedge fund manager in New York about world commodity markets, the head of the largest mining company said the supply of crude oil and copper would decline naturally.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.