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New BHP CEO to significantly cut back capital expenditure, WSJ reports

New BHP Billiton CEO Andrew Mackenzie will put the brakes on profligate investment over the next few years, following concerns over meager returns from big projects in areas such as shale gas that have drawn criticism from shareholders. He said the world's biggest mining company by market capitalization would scale back capital expenditure "quite significantly" in the coming years from a peak of more than $22B, which the company expects for the fiscal year ending in June.