BHP to scale back capital spending by a fifth

Global mining giant BHP Billiton has outlined plans to slash capital spending by almost a fifth, with new chief executive Andrew Mackenzie warning the brakes could be applied even further.

The world’s biggest miner has seen profits hit by weak commodity prices and cool Chinese demand and in his first major address since taking over from Marius Kloppers, Mackenzie outlined a conservative approach.

via Business feed http://www.scmp.com/business/companies/article/1238159/bhp-scale-back-capital-spending-fifth