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BHP Targets Fall in 2014 Capex to About $18 Billion

BHP Billiton Ltd. (BHP.AU) said Tuesday its capital and exploration expenditure will peak this financial year and then decline in the years ahead, helping the resources company maximize returns from incremental investments and boost free cash flow.Chief Executive Andrew Mackenzie told a mining conference in Barcelona that capital expenditure will fall to about US$18 billion in fiscal 2014 from an expected US$22 billion in the year through June and then decline substantially thereafter.Mr. Mackenzie officially took over as chief executive last Friday from Marius Kloppers, who retired after more than five years in the role but who will continue as an adviser until October.In a slide presentation released to the Australian securities exchange, BHP said the outlook for its major products remains robust and detailed analysis of commodity markets supports its plans.Write to Robb M. Stewart at robb.stewart@wsj.comSubscribe to WSJ: http://online.wsj.com?mod=djnwiresCopyright © 2013 Dow Jones N...

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  1. Westfield Profit Gets Boost From Olympics, US Confidence

    Shopping mall operator Westfield Group (WDC.AU) said annual net profit jumped 18% after the London Olympics boosted traffic through its malls and U.S. consumer confi...

  2. Westfield Profit Surges on Asset Sales, Joint Ventures

    Shopping mall operator Westfield Group (WDC.AU) said annual net profit jumped 18% on the back of asset sales and joint ventures, while the London Olympics boosted tr...

  3. Sydney Airport Swings to Profit on Record Passenger Numbers

    Sydney Airport Holdings Ltd. (SYD.AU) swung to a net profit in 2012 as the introduction of new international low-cost airlines and more services into key Asian marke...

  4. CLP: No Timetable for Unit EnergyAustralia's Listing in Australia

    Hong Kong's largest power supplier CLP Holdings (CLPHY) said Monday that it has no timetable for the domestic listing of unit EnergyAustralia, after the Australian b...

  5. ASX Service Links Platforms in Asia, Europe, US

    Australia's main bourse operator ASX Ltd. (ASX.AU) launched a service enabling members of its Australian Liquidity Centre, or ALC, to connect with trading platforms ...

  6. Coca-Cola Amatil Writes Down Food Business, Profit Falls

    Coca-Cola Amatil Ltd. (CCL.AU) said Tuesday its full-year net profit fell 22% due to impairment charges at its food processing division, becoming the latest manufact...

  7. Coca-Cola Amatil Writes Down Value of Food Business, Profit Falls

    Coca-Cola Amatil Ltd. (CCL.AU) said Tuesday its full-year net profit fell 22% due to impairment charges at its food processing division, becoming the latest manufact...

  8. Wesfarmers Cuts Coking Coal Sales Forecast After Floods

    Wesfarmers Ltd.'s (WES.AU) resources unit Wednesday cut its expectations for coking coal sales this fiscal year after heavy rain in eastern Australia disrupted mine ...

  9. Yancoal Says Mines Disrupted After Heavy Rain Batters Queensland

    Yancoal Australia Ltd. (YAL.AU) said Tuesday that production at its Yarrabee and Middlemount open cut mines, in central Queensland state, had been disrupted by heavy...

  10. Fortescue Reports 32% Increase in 2Q Shipments

    Fortescue Metals Group Ltd. (FMG.AU) Thursday reported a 32% increase in quarterly iron-ore shipments as it forecast improved steel demand from top consumer China.Th...

  11. Bidding War for Australian Surfwear Maker Billabong

    Billabong International Ltd. (BBG.AU) said Monday it had received a 526.8 million Australian dollar (US$556 million) offer from a consortium involving U.S. clothing ...

  12. Billabong Gets Alternative $556 Million Buyout Offer

    Billabong International Ltd. (BBG.AU) said Monday it had received a 526.8 million Australian dollar (US$556 million) offer from a consortium involving U.S. clothing ...

  1. BHP Billiton Selling Assets to Capstone Mining

    BHP Billiton Ltd. (BHP.AU) said Monday that it will sell its Pinto Valley copper mine in Arizona and an associated railroad business to Capstone Mining Corp. (CS.T) ...

  2. Rio Tinto Unit Seeks Buyer for Ivanhoe Australia Stake

    Rio Tinto PLC (RIO) is accelerating a plan to sell billions of dollars in non-core assets despite a slowdown in commodities that could lower the price tag on the dea...

  3. Ramsay Health Care, Sime Darby in SE Asia Health Care JV

    Ramsay Health Care Ltd. (RHC.AU) Tuesday said it will form a joint venture with plantation-to-energy conglomerate Sime Darby Bhd (4197.KU), as it expands into emergi...

  4. Leighton Chairman, 2 Directors Resign as Relations with Hochtief Break Down

    Leighton Holdings Ltd. (LEI.AU) Friday announced the resignation of its chairman and two nonexecutive directors, citing a perceived breakdown in its relationship wit...

  5. Sundance Has Talked with Parties Including Glencore-Source

    Sundance Resources (SDL.AU) has held talks with parties including Glencore International PLC (GLEN.LN) about the sale of a stake in its flagship Mbalam iron ore proj...

  6. Queensland to Sell Half Aurizon Stake for A$806 Million

    The government of Australia's Queensland state is selling half its stake in rail operator Aurizon Holdings Ltd. (AZJ.AU) for about 806 million Australian dollars (US...

  7. News Corp publishing arm to have $2.6 billion in cash

    Rupert Murdoch's News Corp said on Friday that the publishing arm it plans to spin off from its entertainment assets will have about $2.6 billion in cash on hand and...

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