BHP Billiton plans to lift exploration spending by 29 percent next year, allocating nearly all its $900 million budget to finding oil and copper, as big miners bet on a narrow pick of commodities to drive future growth.
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"BHP is making it clear that oil and copper top the list for growth potential," said Shaw and Partners mining analyst Peter O'Connor.
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"M&A isn't off the agenda, but BHP isn't waiting around for the next big opportunity," O'Connor said.
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confidence returning to the market, good signs,
