Bloomberg.com: Australia & New Zealand: "May 31 (Bloomberg) -- Simon Shields, Australia's biggest fund manager, isn't concerned by this month's global sell-off in mining shares. He's betting it was a blip in a multi-decade rally sparked by China's industrialization.
BHP Billiton and Rio Tinto Group, the world's biggest and third-biggest mining companies, tumbled more than 10 percent in the week after reaching records on May 11 and 12 as commodities posted their biggest declines in 25 years. For Shields, the plunge made the two mining stocks even more attractive.
``BHP and Rio are extremely undervalued by the market,'' said Shields, 40, who manages $10 billion at Colonial First State in Sydney, in an interview on May 22. ``What we're seeing now is a long term upswing that could last 20 to 30 years. We're buying shares that are unashamedly geared toward a tectonic shift in global growth.'' "
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