BHP Billiton lifts profit to $14.93 billion, company to split

MINING giant BHP Billiton is spinning off its aluminium, coal, manganese, nickel and silver assets into a new company.

Heavy earth moving trucks at the Tom Price iron ore mine, operated by Rio Tinto Group, are lit up by the afternoon sun in Pilbara, north Western Australia on Wednesday, July 26, 2006. BHP Billiton Ltd., the world's largest mining company, is losing the support of investors and steelmakers for its proposed $128 billion takeover of Rio Tinto Group. Photographer: Jack Atley/Bloomberg News

MINING giant BHP Billiton is spinning off its aluminium, coal, manganese, nickel and silver assets into a new company.

The announcement came as BHP lifted its full year profit 23 per cent to $14.93 billion.

The profit growth was broadly in line with analysts’ expectations.

It came after the world’s biggest mining company achieved a 15th straight year of record iron ore production.

Chief executive Andrew Mackenzie said BHP had delivered on its commitments in the past 12 months.

“Our operational performance continued to improve, enabling us to exceed production guidance for a number of our core commodities including iron ore, metallurgical coal and petroleum liquids,” he said.

BHP will pay a final dividend of 66 cents per share, up from 63 cents per share one year earlier.

More to come.