SYDNEY, May 16, 2012 (Reuters) — BHP Billiton , the world's biggest miner, said on Wednesday commodity markets are cooling and are expected to moderate further.
Chairman Jacques Nasser also said that Australia, where BHP has the bulk of its iron ore and coal operations, was becoming one of the higher costs countries in the world to do business.
"The tail winds of high commodity prices have contributed to record growth in the sector and the country. Now we have a period where those tail winds are moderating and we expect further easing over time," Nasser said in a speech to a business lunch in Sydney.
(Reporting by James Regan; Editing by Ed D