BHP Billiton is defying suggestions that the bulk of its cost cutting is done, unveiling new plans to remove a further $2 billion in capital spending and costs by 2017.

The global miner is also undertaking a major shake-up of its management ranks, appointing new heads for its important copper and coal divisions, and a new company secretary. BHP has increased its target of annual productivity gains by $500 million to $US4 billion ($A4.33 billion) by 2017. Investors welcomed the…