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BHP expects costs to fall, targets productivity gains

Reuters - UK Focus

BRUSSELS, May 10 (Reuters) - BHP Billiton (NYSE: BBL - news) on Tuesday said it expected costs to fall to half the level of five years ago as it targeted a further $3.6 billion in productivity gains by the end of 2017.

According to a copy of a speech for a conference in Miami, Chief Executive Andrew Mackenzie, also said he expected capital expenditure to rise after next year and the company had "everything we need in our portfolio right now to significantly increase the value of the Company".

He said he was confident in the long-term outlook for commodities, but was not waiting for prices to recover. (Reporting by Barbara Lewis; editing by Robert-Jan Bartunek)