BHP Billiton Limited
(ASX:BHP) is scaling back growth projects in its coal division in the short to medium term and may consider selling more assets.
In a presentation released to the ASX ahead of a coal briefing in Queensland, BHP says it’s expecting capital expenditure to peak in 2013, and had no new major projects planned.
Coal president Dean Dalla Vale says the miner will significantly reduce development expenditure with no new major projects planned.
The miner's coal chief also hinted BHP is evaluating its assets, perhaps with a view to further sales.
Mr Dalla Vale says the strong steel production outlook continues to underpin metallurgical coal demand, while flagging scrap would become an increasingly important component of Chinese steel production.
BHP generated a net profit $4.1 billion in the first half of the current financial year.
