Global miner BHP Billiton plans to sell its African iron ore assets. Source: AAP
BHP Billiton's president of iron ore Jimmy Wilson says the global miner plans to sell its west African iron ore assets.
"We want to move out of our West Africa position," Mr Wilson told an iron ore conference in Perth on Tuesday.
The company is still targeting overall Pilbara iron ore production of 212 million tonnes per annum in full year 2014.
Mr Wilson said BHP Billiton anticipates global iron ore supply to outpace demand over the medium term.
He said Chinese steel demand was expected to peak at 1.1 billion tonnes per annum around 2025.
Recent world iron ore growth had been driven by Australian production, he said.
Mr Wilson added that demand over the next 10 years would be maintained as 1.2 billion people globally moved to urban areas, including 240 million people in China.
Meanwhile, Rio Tinto chief executive of iron ore Andrew Harding said his company's current iron ore production ramp up to 290 million tonnes per annum was expected to be achieved ahead of schedule.
"I'm confident overall 360 million tonne production will be delivered on time and on budget," Mr Harding told the conference.
He said the recent steep falls in iron ore prices, to around US $105 per tonne, had been caused by a credit squeeze in China as stockpiles remained high.
"So sentiment has turned to a rapid change," Mr Harding said.
"I expect volatility on a regular basis."
Still, Rio Tinto has maintained its forecasts were underpinned by global urbanisation.
"The longer term is still intact," he said.
"I can't see any change to forecasts."
China was now taking its environmental concerns more seriously which would lead to a gradual improvement in price premiums, he said.
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