BHP Cuts Iron Ore Project Spending

Reuters reported BHP Billiton (NYSE:BHP,ASX:BHP) is likely to cut its spending in half on an estimated $10 billion iron ore port project.

As quoted in the market news:

The Outer Harbour project in Western Australia is one of three mega projects in an $80 billion pipeline that BHP has slowed, under pressure from shareholders who want bigger dividends and buybacks rather than expensive projects with no short-term returns.

Click here to read the full Reuters report.