Outgoing BHP Billiton chairman Don Argus said in a farewell letter to shareholders on March 18 that the Australian mining giant expects to conclude the proposed controversial joint venture with Australian miner Rio Tinto in 2010, adding that his company remains cautious about the global economy.
Addressing shareholders, Don Argus said in the letter, "We remain committed to increasing our capital expenditure and next year we plan to spend around $20 billion, which includes a US$5.8 billion equalization payment for the Western Australian iron ore production joint venture with Rio Tinto which we believe we can finalize this calendar year. We do remain cautious about the state of the global economy and note the recent International Monetary Fund (IMF) report which highlighted the gap in growth between developed and developing economies."