BHP Billiton Limited
(ASX:BHP) has cut its anticipated capital spending and announced senior executive changes and appointments as it prepares for its demerger.
Australia’s largest miner has lowered expected capex to $US14.2 billion in the current financial year and $US13 billion in the following financial year.
The company is also targeting to lift its annual savings by $US500 million to $US4 billion by the end of the 2017 financial year.
Among the management team appointments for BHP’s new company Ricus Grimbeek has been appointed President and Chief Operating Officer Elect Australia and will be based in Perth.
Mike Fraser has been appointed President and Chief Operating Officer Elect Africa and will be based in the new company’s regional Johannesburg office.
BHP Billiton reported a net profit of $16.16 billion in the full 2014 financial year.
