Simplification, competition for capital, enhanced productivity, value over volume. These concepts sit front and center in BHP Billiton's new strategy since Andrew Mackenzie took the helm of the Australian resources giant in May. They, too, paint the context for a 25% reduction in BHP's company-wide capital expenditures for the financial year 2014 (FY2014), as the years of elevated spending paid for by China's commodities boom come to an end.
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