Why Rio and BHP might not deliver on shareholder returns

Institutional shareholders in BHP Billiton and Rio Tinto have long demanded better levels of capital management, but two recent developments could leave them disappointed.

For most of the past 18 months, BHP Billiton’s Andrew Mackenzie and Rio Tinto’s Sam Walsh have been preaching the virtues of lower costs, less capital expenditure and bigger returns to shareholders in this post-commodity environment.  But a key element of their agendas may not be delivered.


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