Although BHP Billiton (ASX: BHP) has wanted to maintain its reputation as “the global Australian”, its push into North America over the last few years has increased the need for a new corporate office in New York.
For decades, Australia has been the primary region that BHP has mined in, however, the miner has now pushed into the shale gas scene in the US with an investment worth US$20 billion as well as committing to ongoing investments in Canada for its potash ambitions. The company recently confirmed that it would continue to pump a further $2.6 billion into the Canadian Jansen project, recognising that this area could play as a key long-term advantage for the company.
Whilst there was been no mention of the New York office even as recently as the group’s annual report for last year, it is believed this is because the office doesn’t act as a control centre for any of its product groups. Instead, it is expected that it could serve predominantly as a working space for travelling executives.
Whilst New York may be home to some of the world’s largest institutional investors, the company’s global headquarters will remain in Melbourne. Currently, the group is in the process of relocating from its building in Lonsdale Street to the refurbished 171 Collins Street address.
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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.
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