BHP Billiton is staying away from any large scale exploration in key mineral segments such as iron ore, coal and potash, as its deals with a sharply lower capital expenditure budget.
The resources giant will instead shift focus to conventional oil and copper, allocating nearly all of its $US900 million exploration budget for 2016/17 on the two commodities where its sees maximum long term growth potential.
"At this point, there is no push for us to replace iron ore reserves for multiple decades," BHP's geoscience head Laura Tyler said on Tuesday.
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