BHP Billiton won’t sell further spin-off assets

Deal with Hulamin ‘an exception’, says BHP’s chief financial officer

BHP Billiton chief executive Andrew Mackenzie. Photograph: Ian Waldie/Bloomberg

BHP Billiton chief executive Andrew Mackenzie. Photograph: Ian Waldie/Bloomberg

 

BHP Billiton Ltd won’t sell any more assets set aside for a $15 billion spin-off after its disposal of an aluminium casthouse in South Africa.

“We’re not talking to other people about adding or subtracting to the portfolio, we’re very focused on getting the demerger done,” said BHP chief financial officer Graham Kerr.

Hulamin Ltd, South Africa’s biggest maker of aluminium products, said it and a group of companies will buy the casthouse at BHP’s Bayside smelter in the port of Richards Bay for an undisclosed figure.

The transaction was “an exception,” Mr Kerr said in Johannesburg. BHP, the world’s largest mining company, said in August it plans to spin off 12 assets across countries from Australia to South Africa. The new company may be worth about $15 billion (€12 billion) when listed. – (Bloomberg)