BHP Billiton’s CEO announced the company will be halting work on three of its mega projects during the next six months. These projects include the Olympic Dam, the Port Hedland Outer Harbour and Jansen potash expansion.
Marius Kloppers said no decisions on these three projects will be made until December at the earlier. Some have speculated that the decisions will be pushed until late 2013. He blamed the hold on rising costs and falling commodity prices.
“The economics of some of these projects has changed,” Kloppers said. “I think for the next two years, 18 months perhaps, we will just wait and see how things develop.”