Just looking at the BHP balance sheet, in the event of another good commodities correction and flat commodies prices would see bhp selling assets to meet obligations. Long term liabilities of 15 billion is way too high for a recession.
I also think that if bhp wish to stay in the market for any great lenght of time they will need to think about vertical integration and that means owning steel mills and the like.
The chinese are mad as hell over iron ore prices, it seems to be creating massive losses, 7 billion for just two of chinas largest steel mills. If and when china does reduce iron ore prices bhp will need a contingency plan.
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