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AUSTRALIAN MINERS PESSIMISTIC ON YEAR OUTLOOK.
MELBOURNE, Sep 3 Asia Pulse - Australia's three biggest miners are pessimistic about the next 12 months, in light of the global economic downturn.
Of the trio, the newly-merged BHP Billiton Ltd (ASX: BHP) is more confident about its prospects for the coming year than either Rio Tinto Ltd or WMC Ltd, (ASX: WMC) based on its significant petroleum assets.
But like the others, it is quite pessimistic about the global economy pulling out of its current slump, a view shared by some market analysts, who have downgraded profit forecasts for the current year.
WMC chief executive Hugh Morgan summed it up when he said there is "a fairly depressed outlook for the world economy".
"Today's prices are well below anything experienced for the last two years," he said at the time of its profit release.
"There is not a great deal of confidence out there in the world market and one has to be cautious."
Rio Tinto (ASX: RIO) chairman Sir Robert Wilson was equally downbeat.
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