BHP Billiton chairman Don Argus and Chief Executive Officer Marius Kloppers spoke about BHP Billiton’s future at the annual general meeting held in Brisbane recently.

Mr Argus said while he believed the global recovery would be sluggish, there would be strong long-term demand for BHP Billiton’s products from the Asian region.

“The scale of construction required to support the mass migration going on in India and China from rural to city areas is almost beyond comprehension.

“But as nations industrialise and urbanise, the commodities we produce are critical to their growth.

“BHP Billiton is well positioned both financially and operationally to meet the resource needs of both the developing and developed economies as they return to health.”

Mr Kloppers said the 2009 financial year was extraordinary and unlike any he had seen in his career.

“The two distinct periods in the financial year could not have been more different.

“The first quarter saw rapid demand growth and record high commodity prices. In the second quarter, the severe and rapid global economic crisis hit the industry with massively reduced demand.

Mr Kloppers said BHP Billiton was not immune to the challenges the economic downturn presented.

Mr Argus said despite setbacks caused by the global economic crisis, the bottom line was BHP Billiton generated its highest net operating cash flow of $18.9 billion, increasing from $3.9 billion in 2002.

“Our financial strength meant we could actually increase our dividend this year at a time when many other companies were maintaining, reducing or cutting out dividends altogether.

“Combined with our strong balance sheet means that BHP Billiton is better positioned than most companies to benefit from economic recovery.”

Read more about repair work with the Clark shaft and what is happening with employment at the mine on page 3.