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AUSTRALIAN MINING HOUSES DOWNBEAT ON H1, 2002 OUTLOOK.
PERTH, Jan 1 Asia Pulse - A slowdown in the global economy saw Australia's major mining houses down beat in their forecasts for the coming year even prior to the September 11 attacks on the US.
They pointed to a slowdown in the global economy which intensified in the first six months of 2001, reducing industrial production and consequently commodity demand across the OECD.
BHP Billiton chairman Don Argus said in the company's annual report a world wide recovery was unlikely until the US economy began to improve, the European market reversed its recent slowdown and there was a resolution of the persistent recessionary environment in Japan.
Rio Tinto Ltd chairman Sir Robert Wilson was just as gloomy.
"We see little to encourage optimism about metals demand in the US during the rest of this year and probably for the first half of 2002," he said.
"The economic outlook is still deteriorating and we have to expect a testing time ahead."
The US attacks only dampened enthusiasm for an already depressed sector.
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Source: HighBeam Research, AUSTRALIAN MINING HOUSES DOWNBEAT ON H1, 2002 OUTLOOK.