Speaking at the company’s recent annual general meeting in London, Kloppers acknowledged the recent market volatility but said the developing world’s industrial operating rates remained healthy.

“We have, however, seen a softening of prices over the last months as customers behave conservatively in the light of global uncertainty,” he said.

“We are also seeing that customers are looking closely at their inventory levels as they operate their businesses, cognisant of the potential need to tailor their plans if the global economic uncertainty continues.”

However, he said the base case global economic outlook remained one where growth was only modestly below potential, supported by ongoing growth in emerging economies such as China and India.

“Provided that there are no large external shocks and policy makers continue to manage inflationary pressures in these developing countries effectively, we expect these economies that drive demand for our products to grow solidly and sustainably into the future,” Kloppers said.

He added the industrialisation and urbanisation of development countries was not a short-lived phenomenon, rather a long-term structural shift.

Kloppers’ view was echoed by BHP chairman Jac Nasser.

“Over thirty years ago, China embarked on a series of major economic reforms, which have driven strong, consistent, commodities-intensive growth,” Nasser said.

“So, unlike a gold rush, this structural shift will not suddenly disappear. Rather, it will continue to drive long-term demand for minerals and energy – our products.

“So, despite global economic challenges and risks, we remain confident of BHP Billiton’s long-term future and we expect to invest over $US80 billion in growth projects over the five years to 2015.”

BHP’s Australian AGM will be held in Melbourne next month.