BHP Billiton, the world's largest diversified miner, said on Thursday it was more cautious on short-term outlook for commodity markets, but stressed that it remained committed to its USD 80 billion organic growth plan. Chief Executive Officer Marius Kloppers said that while it was difficult to predict how the financial markets would perform in the short run, the company was still able to sell what it produced.

“One thing we can probably say is that higher volatility is likely to remain until issues surrounding the European debt markets are definitely addressed,” Kloppers said. “We have seen production curtailments in some sectors, and we are generally seeing a more cautious approach in respect of inventory management by our customers.” BHP long-term outlook is unchanged, however, he said.

Industrialization and urbanization in emerging markets will likely continue for several decades, he added. For this reason, future long-term demand will likely hold.