BHP Billiton will focus on expanding its existing mines rather than starting new developments in nations where it is not yet developed, according to chairman, Don Argus.
Argus says the company will focus on lower risk brown-field expansions rather than "start up" projects in new places if commodity market uncertainty persists.
He says BHP’s priorities lie in maintaining a progressive dividend policy and ensuring cashflow remains to invest in core businesses.
BHP recently invested $6.8bn in West Australian iron ore to boost the company’s production to 205Mt per year by 2011.
Argus says the investment “proves the company’s confidence in the future of brown-field sites in known geographies”.
BHP says the move will ultimately benefit shareholders by delivering any surplus to their pockets.
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