(MENAFN) BHP Billiton, the world's biggest mining company, announced plans to spin off businesses worth USD16 billion, most of them acquired in a 2001 merger, Gulf Daily News reported.
Chief executive of BHP said the widely expected move to simplify BHP around the "four pillars" of iron ore, copper, coal and petroleum, with potash as a potential fifth pillar, would spur cash flow growth and boost returns.
BHP confirmed the spin-off as it reported an 8 percent rise in second-half profit to USD5.69 billion due to higher output volume and cost cuts. The company said it had cut costs in 2014 by USD2.9 billion.
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