BHP Billiton Limited
(ASX:BHP) says the new company it intends to create through its proposed demerger will be called South32.
Australia’s largest miner unveiled plans for the proposed $17 billion ($US15 billion) spin-off in August which is expected to be listed next year.
BHP Billiton believes the new name is a major step in the setup of the company and represents South32’s footprint and regional approach to managing its operations.
The majority of South32’s selected assets are located in the southern hemisphere and its two regional centres, Australia and South Africa, are linked by the thirty-second parallel south line of latitude.
BHP Billiton reported a net profit of $16.16 billion in the full 2014 financial year.
