- BHP Billiton (BHP) indicates it will attempt to limit annual spending to $15B, a deep cut to the $21.7B it spent in the last financial year on projects from iron ore deposits in Australia's Pilbara region to deep-sea oil and gas fields in the U.S. Gulf of Mexico.
- "I don't quite know exactly what the right level is," CEO Andrew Mackenzie tells an investor meeting, "but I can tell you at levels of around US$15B I am very confident that we can grow this company and provide an appropriate cash return to our shareholders."
- BHP isn't alone in its tapering, as Rio Tinto (RIO) recently unveiled plans for a marked cut in spending in the years ahead, and Vale (VALE) also has disclosed a 2014 investment budget nearly 20% smaller than its peak level in 2011.
BHP looks to hold annual spending at $15B, CEO Mackenzie says
Dec 10 2013, 08:07 ET