BHP Billiton Limited (ASX:BHP) said it planned to spin off several assets into a new global metals and mining company and would continue to focus on its large, long-life iron ore, copper, coal, petroleum and potash operations after the reorganization. The new company is expected to have assets in five countries and will specialize in aluminum, coal, manganese, nickel and silver. “We believe the proposed demerger, if implemented, will accelerate the simplification of the group's portfolio, provide investors with choice and unlock value in both companies,” Jacques A. Nasser, BHP Billiton Limited's Chairman, said in a statement.

The new company, which has not yet been named, is expected to be listed in Australia with a secondary listing in South Africa.