BHP has vowed to grow iron ore export volumes in the face of declining demand from China and has warned higher-cost competitors will be “driven out of the market” as the commodity price softens.

The plan to grow market share in BHP’s most lucrative division came as the miner announced a 14 per cent dividend cut to help fund its pivot toward “future facing” commodities like copper and potash. Iron ore last changed hands at $US100.10 a tonne.