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Mining giant BHP Billiton has signalled that it will de-merge its aluminium, manganese and nickel operations, valued at up to $14bn (£8.3bn), in order to focus on its core business.
"A demerger of a selection of assets is our preferred option," the company said in a regulatory announcement to the Australian stock exchange. Investors welcomed the news, with the shares up 3pc in early trading, leading the FTSE100 risers on Friday morning.
Although it did not spell out which assets would be off-loaded, a sale of the aluminium, manganese and nickel assets has long been anticipated by the market. The mining giant flagged in April that it believed a business focused on iron ore, copper, coal and energy assets would drive a "superior return on investment".
The aluminium, manganese and nickel assets are not major contributors to BHP's profits and the group said on Friday that simplfying its business would "generate stronger growth in cash flow".
BHP is relying on iron ore for the lion's share of its profits for the 2014 financial year, after beating its own guidance for full-year iron ore output, mining a record 225 million tonnes.
"Spin-offs have the potential to crystallise value that the market may not have been able to see," said Neil Boyd-Clark, a portfolio manager at Arnhem Investment Management, which owns shares in BHP.
The Australian Financial Review (AFR) newspaper said the separate company would comprise BHP's aluminium, manganese, nickel, Cannington silver mine and South African energy coal assets and would be worth $14bn.
BHP was also debating whether to spin off its coal assets in New South Wales, the AFR said, without citing any source. The new company would be based in Perth and led by chief financial officer Graham Kerr, it said.
It would have a primary listing on the Australian stock exchange and was likely to take a secondary listing in South Africa, the AFR added.
BHP declined to comment on the AFR report. In its statement to the market, it said it expected to consider a demerger when its board meets next week and would announce any material decisions immediately. It is scheduled to announce full-year results on August 19.
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