BHP Billiton Ltd. (BHP), the world’s biggest mining company, will fall short of its $80 billion spending target for building mines and expanding assets over the next five years as it sees commodity prices declining.
“We should pause, take a deep breath and wait and see where the pieces fall around the world,” Jac Nasser, chairman of the Melbourne-based company, told reporters today in Sydney. He declined to say how much spending would be cut.
“The environment was different” when Chief Executive Officer Marius Kloppers outlined the company’s plans to spend $80 billion on new developments, Nasser told reporters. The price of iron ore, BHP’s biggest revenue earner, has declined 29 percent since Kloppers announced the investment schedule in February 2011. The CEO reaffirmed his commitment to the spending as recently as February.
More at
http://www.bloomberg.com/news/2012-05-16/bhp-won-t-meet-80-billion-spending-target-as-minerals-fall-1-.html
what to do if bhp hits $33??, page-172
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