BHP Billiton announces demerger

|About: BHP Billiton Limited (BHP)|By:, SA News Editor

BHP Billiton (NYSE:BHP) has announced its plans to form a new global metals and mining company based around its aluminium, coal, manganese, nickel and silver assets. The new company will be listed on the Australian stock exchange, with a secondary listing in South Africa.

"With a simpler portfolio, we are targeting sustainable, productivity-led gains of at least $3.5B per annum by the end of the 2017 financial year," says CEO Andrew Mackenzie.

The demerger will leave BHP Billiton focused on its long-life iron ore, copper, coal, petroleum and potash basins.