BHP Billiton’s CEO Calls Australian Iron Ore Inquiry Unnecessary

BHP Billiton (ASX:BHP,NYSE:BHP) announced that it believed an inquiry into the Australian iron ore industry was unnecessary, as the company’s CEO Andrew Mackenzie said it would sent the wrong message to international customers regarding the country’s commitment to free trade during an interview on ABC radio Tuesday morning.

As quoted in the press release:

Mr Mackenzie said BHP Billiton supported Australia’s focus on trade and competition as drivers of growth and was committed to playing a role in improving the nation’s competitiveness. He noted Australia’s reputation as a global policy leader on trade issues.

Mr Mackenzie reiterated BHP Billiton’s strategy was rational, commercial and responsible with the Company anticipating, and stating on many occasions, that supply growth would exceed demand growth.

He said BHP Billiton acted early and deferred around 180 million tonnes per year (Mtpa) of growth opportunities in 2012 – 110 Mtpa from the Outer Harbour Development and 70 Mtpa from two additional berths not taken up in the Port Hedland inner harbour.

Andrew Mackenzie, CEO of BHP Billiton, stated:

I believe that free trade is absolutely critical for the future of Australia and its place in the world. It’s good for the world economy and it’s good for geo-political harmony when people feel that they can count on Australia for the supply they need to grow.

Click here to read the full BHP Billiton (ASX:BHP,NYSE:BHP) press release.