LONDON (Reuters) – Top global miner BHP Billiton (BLT.L) expects the copper market to remain in surplus until the end of the decade, Chief Financial Officer Peter Beaven said on Tuesday.
Beaven told a briefing in London that the copper market was not expected to move to balance until about 2019 due to a surge of investment which has created higher supply.
BHP was also cautious about iron ore prices due to production cuts by steelmakers and new mines launching this year, boosting supplies.
BHP, the world’s biggest diversified mining company, on Tuesday slashed its interim dividend by 75 percent, abandoning a long-held policy of steady or higher payouts as it braces for a longer-than-expected commodities downturn.
(Reporting by Eric Onstad; editing by Jason Neely)
