Top Miners Warn Of Rocky Road To Global Economic Recovery

Australian mining giant BHP fears the chance of a V-shaped global recovery from the coronavirus crisis is becoming increasingly slim, while Rio Tinto is bracing for a rising tide of nationalism and trade friction to dominate the forseeable future.

As governments worldwide start charting their way out of lockdown restrictions, the heads of the nation's two top miners have warned investors not to expect a quick rebound in the global economy and to prepare for the threat of a prolonged contraction that could damage the outlook for major commodities.

BHP chief executive Mike Henry said more than $10 trillion of stimulus funding unleashed by G20 nations would go "some way" to cushioning the blow and driving the recovery, but it would "take time" for countries outside of China to repair the damage left by tens of millions of job losses, he said.