World’s No. 1 mining company BHP Billiton will raise its annual exploration spending by 29%, allocating nearly all tis US$ 900 million budget to finding new copper and oil deposits, which the miner has singled out as the key resources that will bolster its future growth.
The budget increase comes despite the Melbourne-based mining giant’s decision to cut overall capital expenditure to $5 billion in the year beginning next month, compared to a peak of $25 billion in fiscal 2013.
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