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BHP, the world's leading resources company, sees new opportunities in China's economic transformation and the Belt and Road Initiative, said Arnoud Balhuizen, BHP's Chief Commercial Officer.
With an economic transformation in full swing in China, cities that traditionally relied on coal or steel industries have shut down some coal mines and steel mills to cut excess capacity and improve efficiency.
"With the blueprint and strategy of moving from high-speed growth to more sustainable and quality growth, the quality of resources will become more important," Balhuizen told Xinhua in an interview.
He said BHP will work with customers to ensure the delivery of stable, high-quality and sustainable resources.
China's resources imports have seen a steady growth in 2017. The imports of crude oil, iron ore and natural gas have grown by 10.1 percent, 5 percent and 26.9 percent, respectively, according to China Customs.
Boosted by China's rising demand for high-grade minerals, the price of iron ore, Australia's most important export, has been above the market expectations.
The Belt and Road Initiative also brings new opportunities to resources companies, he said.
BHP estimated that the initiative-related investment would drive significant demand for construction materials and equipment, leading to up to 150 million tonnes of new steel demand.
"Furthermore, with infrastructure construction connecting more countries, new trade opportunities and economic development will emerge," said Balhuizen. "I think the rest of the world is still underestimating the importance of this huge initiative," he said.
(ASIA PACIFIC DAILY)
