BHP Billiton is the largest diversified mining company. Activities include mineral and petroleum exploration, production and refinement. With operations largely based in the OECD (55% Assets in Australia) majority of sales are to Asia (54% Revenue 2010). Operating cash flows of GBP 11.3bn (AUD 20.3bn) and low Net Debt/EBITDA (0.13x) give BHP balance sheet strength as it embarks on significant investment driven organic growth (GBP 50.7bn; over five years ended 2015). The project pipeline of budgeted capex GBP 7,5bn (AUD 17bn) to 2013 is primarily focussed on iron ore (40%: capex) and petroleum (38%). BHP has a proven track record completing 12 projects (2008-2010) valued at GBP5.57bn (AUD 9.9bn). BHP enjoyed a strong recovery in most commodity prices in 2009/10 and achieved record sales volumes in iron-ore (2009/10: 21% of revenue), coal (20%) and petroleum (19%). Key growth remains urbanisation and industrialisation of emerging economies. Risks include volatility of commodity prices, tightening cycle of emerging economies, FX and mining cost inflation particularly labour costs.