23:22 GMT [Dow Jones] BHP Billiton (BHP) has for the first time given some detail on where its knife is cutting, UBS analysts say. They note that the miner in a briefing to investors in London has said that out of its overall cost-savings target, about US$2.1 billion is set to come out of iron ore, US$500 million from petroleum, US$400 million from coal, US$300 million from copper and US$200 million from corporate operations. The analysts say BHP also aims to reduce capex relative to its current targets while maintaining growth plans. Production from BHP's core portfolio of operations is expected to grow 23% over the two years to the end of FY15, ahead of the 16% growth mentioned at the company's full-year results. UBS has a buy recommendation on BHP and A$42/share target. BHP is trading down 1.1% at A$33.43. (robb.stewart@wsj.com; Twitter: @RobbMStewart)

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