LONDON (Reuters) – BHP Billiton said on Monday that it expected to limit annual capital expenditure to $14 billion after a planned demerger next year.
The company’s capital and exploration expenditure declined by 32 percent in 2014 to $15.2 billion, chief executive Andrew Mackenzie said in a presentation to investors.
“Our level of investment is expected to decline again in 2015 to $14.8 billion and be no more than $14 billion beyond the demerger,” he said.
Previously, BHP had said it was targeting annual capital expenditure to below $15 billion.
BHP, the world’s biggest mining company, in August announced plans to spin off operations worth roughly $16 billion to focus on its most profitable activities.
