BHP Billiton Ltd will not cut its iron ore annual output target this year, despite shrinking demand as China's economy slows down, said Marcus Randolph, chief executive of the company's ferrous and coal sector.

BHP - the world's largest mining company - said that its iron ore output in 2012 will be above 160 million metric tons.

Meanwhile, the company's investment plans in the next two years will not change, according to an e-mail received from BHP on Wednesday.

The company's iron ore output in the 2014-2015 fiscal year will be 220 million tons. However, the company will review its investment plans after 2015.

Randolph also said that the company's western Australian iron ore projects are on schedule and meeting the budget targets.