South32 chief executive-elect Graham Kerr.
The waiting game is over. BHP Billiton (ASX:BHP) it plans to name its Perth-based spin-off company South32, reflecting the new firm鈥檚 focus on mining assets in Australia and South Africa.
South32 chief executive-elect Graham Kerr described the naming 鈥渁 major step鈥� in the company鈥檚 evolution.
The name for the new company, which will hold up to $15bn in聽non-core assets, reflects the fact that most of its operations are in either Australia or South Africa. These two countries are linked by the 32nd parallel south line of latitude.
鈥淲hile South32 is grounded in the southern hemisphere, we will retain our global reach and ambition as we seek to exceed the expectations of a global shareholder base,鈥� Kerr .
South32鈥檚 head office will be in Perth聽, with a regional head office and global聽shared services centre located in Johannesburg. While it would be an聽Australian incorporated company, South32 is intended to聽have a primary listing on the Australian Securities Exchange, a secondary listing on the聽Johannesburg Stock Exchange and a standard listing in London.
BHP Billiton also said it will continue simplifying its portfolio and that, as part of this process, it is reviewing its New Mexico Coal and smaller petroleum assets.
Image courtesy of BHP Billiton.