Mining giant announces demerger
Source: www.chinamining.org Citation: Xinhua Date: August 18, 2014
BHP Billiton, world largest mining company, said on Friday that it was pushing ahead with a demerger of its non-core assets to create a new 14 billion Australian dollar ($13 billion) resources giant.
BHP Billiton said in a statement that it was pursuing options " to make the company simpler and more productive".
"We believe that a portfolio focused on our major iron ore, copper, coal and petroleum assets would retain the benefits of diversification, generate stronger growth in cash flow and a superior return on investment," the statement read.
"By increasing our focus on these four pillars, with potash as a potential fifth, we will be able to more quickly improve the productivity and performance of our largest businesses."
"A demerger of a selection of assets is our preferred option."
The board is expected to release more information about the demerger when it reconvenes next week.
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