BHP Billiton CEO Says Will Shut Any Unprofitable Mines

MELBOURNE, Nov 26, 2008 (Dow Jones Commodities News via Comtex)-- BHP Billiton Ltd. (BHP.AU) Chief Executive Marius Kloppers said Thursday the miner won't hesitate to shut down any mines that become unprofitable due to lower commodity prices. "Appropriate action is that if you don't have the prospect of making a profit from a business, is to shut it down until conditions change," he told reporters after the miner's annual general meeting in Melbourne. Kloppers said BHP's decision to abandon its US$70 billion bid for Rio Tinto was not just caused by the competition issues raised by the European Union but also by the changing risk environment. He declined to comment on whether BHP would consider making another bid for Rio Tinto, or whether it would be interested in bidding for Rio Tinto assets if the company was broken up. "We would be very interested in looking at any assets that are tier one, low cost, long life (and) environmentally sound," he said. -By Alex Wilson, Dow Jones Newswires;