UPDATE 1-BHP revamps $14 bln Canada potash push as profit drops

Tue Aug 20, 2013 2:54am EDT
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* H2 profit down 15 pct to $6.12 bln, misses forecasts

* Final dividend 59 cents v 60 cents consensus

* To invest $2.6 bln to progress Jansen potash project

* BHP says may sell down stakes in Jansen

By Sonali Paul

MELBOURNE, Aug 20 (Reuters) - Top global miner BHP Billiton missed forecasts with a 15 percent fall in half-year profit, and said it will slow down a long-awaited move into potash to curb spending over the next four years.

BHP and Glencore Xstrata wrapped up the results season for the world's big five miners, with BHP holding up slightly better than its peers as it stepped up output of iron ore, copper, coal and oil and slashed costs in the face of sliding commodity prices.

Major miners have come under pressure to rein in spending, sell off underperfoming assets and tackle debt after years of rampant spending on new mines and acquisitions as commodity prices soared.

BHP put more than $40 billion worth of new projects on ice a year ago to combat costs that had grown out of control over the previous decade as miners raced to feed booming Chinese demand.   Continued...