BHP Billiton Cautious on Global Financial Recovery

BHP Billiton (ASX:BHP) says that despite its petroleum and iron ore divisions having both achieved their annual production records, the mining giant is continuing to err on the side of caution about the short term outlook for the global financial economy.

With the expansions of its Australian mines BHP saw a 16% rise in iron ore production in the fourth quarter 09/10. While the production of petroleum products went up by 15% in the fiscal year which is a 15% rise on the production last year.

The demand from China and the rising prices of iron ore have ensured that BHP Billiton helped West Australian iron ore reach its tenth consecutive annual production record. The demand for metallurgical coal also rose by 3% compared to the previous year.

However with China implementing measures to reduce growth to sustainable limits there will be considerable volatility in the commodity end demand as per BHP Billiton. The company sees it as a normal continuation of the country's economic policies and is therefore treading with caution.

BHP Billiton is the world's largest mining company and the largest company in Australia by market capitalisation.

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