BHP confident of China demand

The world's largest miner, BHP Billiton, yesterday said that high oil prices were affecting spending worldwide but China's demand for commodities over the longer term was heartening.

BHP Billiton chairman Don Argus told the company's annual general meeting in Sydney that there was an easing in growth across the world due largely to a slowdown in China and high oil prices.

But Argus said ongoing development of key emerging economies such as China and India would ensure commodity prices for the near term.