MARKETS SPECTATOR: BHP's China challenge

BHP Billiton's cost-cutting drive has been lauded by investors, but China's economic plans don't bode well for the miner's share price.

BHP chief executive Andrew Mackenzie has hardly sat still in his six weeks on the job. The Scot has travelled the world telling rooms full of fund managers and analysts that the world’s biggest mining company most important task is cutting costs. The reception to this message has been of almost universal praise. But Mackenzie has, of course, almost no influence over perhaps the most important determinant of the company’s bottom line, demand.

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