BHP Billiton chairman Jac Nasser says he does not expect any significant increase in iron ore prices soon, following a year of heavy falls in Australia's biggest export earner.

He also told shareholders at the company's annual general meeting in Sydney that China's growth rate would not continue at the same pace, but that was expected.

A more sustainable rate would follow in line with how other major economies have developed.

The company was also committed to a succession process for when chief executive Marius Kloppers departs, which it recently told the ASX it had started.