BHP plans asset split, posts $13.8 billion profit

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Associated Press

Posted on August 19, 2014 at 4:00 AM

Updated Tuesday, Aug 19 at 5:01 AM

SYDNEY (AP) — BHP Billiton, the world's biggest miner, has announced plans to split off some of its smaller assets into a separate company.

The company's announcement on Tuesday came as it posted a $13.8 billion annual profit.

BHP said the restructure will allow it to focus on its core iron ore, copper, coal, petroleum and potash businesses.

The new company will include some of BHP's aluminum, nickel, manganese, silver and coal assets, spread across five countries. It will be based in Perth, Australia, and listed on the Australian Securities Exchange, with a secondary listing in South Africa.

The proposed split is subject to regulatory approvals and will be put before shareholders for a vote. The spinoff is expected to be completed in the first half of 2015.

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