In a speech this week Mackenzie said BHP was not waiting for commodity prices to rebound.

He said the company had a number of options for growth, particularly in copper and oil.

Productivity remains a key priority, while increased volumes, growth projects and the shale portfolio are expected to deliver value in the years ahead.

“These opportunities will see us prosper in this volatile environment and grow value per share at all points in the economic cycle,” Mackenzie said.

Australian assets are a key part of BHP’s plan, with low cost expansions at Olympic Dam aiming to expand copper production to 230,000 tonnes per annum.

In Western Australia the iron ore assets are on track to reach 290 million tonnes per annum by the end of the decade, with that growth also coming without major spending.

Elsewhere, BHP is aiming to tweak the wash plant at Caval Ridge to add 4Mtpa to Queensland coal.

“Under both current spot prices and consensus forecasts these incremental iron ore and met coal tonnes would be highly profitable,” Mackenzie said.

On the wider scale, BHP is spending big on exploration as a counter-cyclical investment.

That comes as most of the industry winds back drilling activity.

“In copper over the years we have surveyed the world to match geological opportunity with geopolitical stability,” Mackenzie said.

“Today our focused copper program invests $US100 million a year to advance greenfield exploration. This year we have added over 140,000 hectares in Peru and the southwest United States and increased the number of targets tested by 38%.

“These regions are well endowed with copper and continue to offer huge potential.”

Technology is also going to be a big part of the future, with heap leach studies at Olympic Dam aiming to reduce the cost of processing.

Unmanned aerial vehicles at Queensland coal are also expected to improve safety and performance.