BHP Billiton raises bond buy back amount

BHP Billiton will spend up to $US2.94 billion under its US bond buy back program, part of the company's plan to cut debt.

BHP Billiton has raised the amount it plans to spend under its US bond buy back plan.

The mining giant said it had raised the offer cap to $US2.94 billion, from $US2.5 billion earlier, following strong participation in the Euro tender offers.

The buyback is part of the company's plan to cut debt after a turnaround in commodities prices helped it sharply boost cashflows in the 2016/17 financial year.