BHP puts six month hold on all new projects

BHP has further confirmed its uncertainty about the future after CEO Marius Kloppers stated the miner will not approve any 'mega' projects in the next six months.

Earlier this month, Nasser said that the miner was "reconsidering its $80 billion commitment to project expansion in Australia over the next five years".

Now Kloppers has told the Chinese media that ''you should not expect in the next six months any new major approval of projects,'' the SMH has reported.

His comments now throw doubt over the future of BHP's massive Olympic Dam expansion plans, as well as its current Port Hedland outer harbour development.

Kloppers pointed to rising costs and falling commodities as the main driver of this decision.

''The economics of some of these projects has changed,'' he said.

''I think for the next two years, 18 months perhaps, we will just wait and see how things develop.''

In light of this, the South Australian Government announced that it would not push back the time frame for a decision on Olympic Dam's expansion beyond the current December date.

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