BHP mulls over boosting exploration budget to US$900m

Sydney

BHP Billiton said on Monday it plans to boost its exploration budget by 29 per cent to around US$900 million next year, as the global miner counts on new finds of oil and copper to drive growth in a tough market rather than mergers and acquisitions.

The figure represents 18 per cent of BHP's total capital budget of US$5 billion over fiscal 2017 and comes amid efforts by big miners to maintain growth while tightening balance sheets.