Financial Post reported BHP Billiton Ltd. (NYSE:BHP,ASX:BHP) will delay approval of a $33 billion mine expansion in Australia for two years because of falling commodity prices.
As quoted in the market news:
The company will delay a decision until 2014, the newspaper said, citing a document prepared by an unidentified consultancy. The document was prepared with knowledge from BHP staff, the Australian said.
The board of Melbourne-based BHP Billiton has been due to decide on proceeding with the Olympic Dam copper-uranium-gold mine expansion by the end of this year. Chief Executive Officer Marius Kloppers warned in May that rising costs and easing commodity prices may change the economics of certain projects.