No. 1 miner BHP Billiton plchas announced shedding $16 billion in non-core assests from a 2001 merger to enhance cash flow and boost returns by focusing on its “pillars” of iron ore, copper, coal and petroleum. The Perth-based, Australia-listed company will represent the industry’s biggest spinoff with operations in five countries across three continents with 24,000 employees and contractors.
In its first half earnings report for 2014, KGHM booked a net profit of PLN 1.12 billion ($357 million). The results were in line with market expectations, according to the company. A disciplined approach to costs, along with stable levels of production, allowed the company to deal effectively with challenging macroeconomic conditions.