Top Miner Sees ‘Huge Demand’ Boost from China’s New Silk Road
- Projects to add about 150 million tons of steel demand: BHP
- Producer says has lifted force majeure on Escondida copper
QuickTake: China's 'One Belt, One Road' Policy
This article is for subscribers only.
China’s multi-billion dollar Belt and Road Initiative can deliver a major boost for commodities and will add about 150 million tons to global steel demand, according to BHP Billiton Ltd., the world’s largest miner.
The plan to develop infrastructure and rebuild ancient trading routes from China to Europe overland and by sea has seen projects initiated worth about $1.3 trillion, according to Melbourne-based BHP, the biggest exporter of coking coal and the third-largest iron ore supplier. Investments worth $313 billion to $502 billion could be funneled to 62 Belt-Road countries over the next five years, Credit Suisse Group AG said last month.