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BHP goes on $80 billion expansion spree

Reuters - Feb 15, 2011

BHP Billiton (BHP.AX), the world's biggest miner, plans to pour $80 billion into expansions over the next five years and return cash to investors rather than chase ambitious takeovers, after nearly doubling its first-half profit to a record.

The Anglo-Australian giant, flush with cash, said it would more than double its share buyback to $10 billion, to be completed in 2011, playing down the near term chances of a major acquisition.

"The biggest surprise is the commitment to spend $80 billion over the next five years," said James Bruce, portfolio manager at Perpetual Investments, one of BHP's top 10 Australian shareholders.

"We think that this demonstrates the challenges that the industry is having satisfying rising demand, while replacing declining production from mature operations," he said.

Read Full Article from Reuters

- Posted: 2011-02-15 21:29:06


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