Dec 14, 2017 Last Updated 4:28 PM, Dec 12, 2017

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RIO & ALCOA HELP CREATE LARGEST PARK IN OZ

Mining giants Rio Tinto (ASX, LSE, NYSE: RIO) and Alcoa (NYSE: AA) have agreed to cancel a mining contract and to create a national park instead.

The area in Western Australia which they were going to start a bauxite mine and build an aluminium refinery will now be incorporated into the Kimberley National Park.

Adding the 175,000-hectare Mitchell Plateau project site to the park will make it the largest in Australia, covering more than two million hectares across the Kimberley region.

Rio Tinto CEO Sam Walsh said its decision to conserve the area stemmed from the company’s long-standing commitment as a member of the West Australian community.

He added: “While the Mitchell Plateau bauxite resource is likely to hold value in the future, the State Agreement Act required the development of an alumina refinery which has always proven to be economically challenging.”

This is the latest in a line of conservation acts performed by large miners as they increasingly strive to show themselves as responsible toward the environment.

@AusBNOnline

BHP SHAREHOLDERS TO VOTE ON SOUTH32 SPINOFF

Mining behemoth BHP Billiton (ASX, NYSE: BHP) has announced that it will put forward its proposal to demerge spinoff company 'South32' to shareholder vote on 6 May.

The $738 million (before tax) demerger process will see BHP shareholders will receive one share in South32 for every BHP share owned.

BHP itself will shrink in size, reducing its number of assets from 41 to just 19 in a "core portfolio" spread across eight countries and three continents.

Non-core assets will be given to South32, which BHP says will distribute at least 40% of its underlying earnings as dividends.

It is estimated that spinning-off its non-core assets will save BHP around $100 million per year.

@AusBNOnline

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