When BHP reports its full year results today, profits won’t be the most important announcement made. It is widely expected that management will announce a split of the company. BHP will retain its ‘four pillars’ – iron ore, petroleum, coal and copper – with potash a potential future pillar. Gone will be aluminium and alumina, nickel, zinc, silver and perhaps some thermal coal mines.
It will be the biggest change in the world’s biggest miner since the company was created and it signals an important change for the mining industry.