Wednesday, May 16, 2012

BHP Billiton Cuts Plan, Sees Economy Hitting Commodities (BHP; VALE; RTP)

From Investors Business Daily:
Australian mining giant BHP Billiton (BHP) warned that it expects sales of commodity items like coal, aluminum, copper and iron to continue declining.

The company said as a result it's backing off from a plan announced last year by CEO Marius Koppers to spend up to $80 billion over the next five years to expand its iron, coal and energy mining operations. The company spent about $17 billion on shale oil acquisitions last year....MORE