Although global economic activity is experiencing an unprecedented drop amid the COVID-19 pandemic, China is experiencing a "pretty solid V-shaped recovery," said Mike Henry, CEO of BHP Group, the world's largest miner.

"We're expecting there's going to be a sharp contraction in the global economy over this calendar year," Henry told CNBC on Wednesday. 

"We then expect there to be a pretty sharp uptick again next year, so we foresee it taking about a year for the world to get back to the levels of economic activity that existed pre-COVID, and maybe two or three years for the world to get back fully on the track that it would have been on if not for COVID-19," he said.

Commodity price reporting agency ArgusOn on Monday said spot iron ore prices rose to their highest level since 2014, thanks to China's infrastructure investment boom.

In July, China imported a record 112.65 million metric tons of iron ore, an increase of 24 percent year on year, driven by the country's stimulus policies. 

"The [Chinese] government has stepped in with some stimulus that we expect is going to create further momentum through to next calendar year. So, things are looking pretty positive and pretty resilient," the CEO said.