Antinuclear

BHP not all that crash hot

BHP warns more cost cuts, management shake up before demerger Minng.com, Cecilia Jamasmie | November 24, 2014 Mining giant BHP Billiton (ASX, NYSE:BHP) (LON:BLT) warned Monday of further cuts to capital expenditure and a major shake-up of its senior management in the wake of its demerger plans, as the company moves to lower costs amid weak commodity prices.

In the much-anticipated markets briefing, the world’s largest miner by market value said it would trim spending by $1bn to $13bn in the 2016 financial year…………. Clarke Wilkins, director of metals and mining research at Citi in Sydney, said the market had shifted from debating when BHP starts its capex cuts to the “touchier question” of whether its progressive dividend can be maintained given the tumbling price of key commodities such as iron ore and oil…….Mackenzie also outlined a management reshuffle, as the mining group is next year poised to spin off non-core assets into a separate diversified mining company……http://www.mining.com/bhp-warns-more-cost-cuts-management-shake-up-before-demerger-88671/

November 26, 2014 - Posted by Christina Macpherson | General News