SYDNEY: The world’s biggest miner BHP Billiton has named its proposed spin-off South32, with the demerger on track to be completed in the first half of 2015.
The Anglo-Australian resources giant announced in August a proposal to create a new independent company by spinning-off non-core assets including aluminium, manganese, silver and selected coal and nickel operations.
Under the plan to cut costs and boost productivity, the new entity will be listed in Sydney, London, and Johannesburg with its headquarters in Perth, Australia.
South32’s chief executive elect Graham Kerr said the name reflected that most of its assets were in the southern hemisphere and linked by the 32nd parallel south line of latitude. “Our heritage and the places in which we operate are an important part of our identity,” he said on Monday.
AFP
