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BHP's new chairman seeks tighter spending plans

Kenneth MacKenzie is credited for doubling the market value of Australia's largest packaging company, Amcor Ltd, in a decade-long spell as CEO that ended in 2015

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While BHP forecasts capital expenditure will rise about a third to US$6.9 billion in the 12 months through June 2018, it has pledged to hold project spending to less than US$8 billion annually through 2020, a fraction of the US$23 billion total it deployed at its peak in 2013.

Melbourne

BHP Billiton Ltd's moves to ditch its US shale assets and halt a rush into the potash market signal an era of more disciplined spending under the top miner's incoming chairman.

Montreal-born Kenneth MacKenzie, 53, who takes up the post next month, is viewed by investors

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