There was a general murmur of approval on release of the details around South32 - BHP Billiton's (BLT) upcoming mining spin-off. The new entity will be made up of aluminium, coal, nickel and zinc operations spread across locales in Australia, South Africa, Brazil and Colombia.
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South32 will start life with net debt amounting to just $674m (£455m), equivalent to just 2.7 per cent of the parent group's burden at the end of 2014. The spin-off will also take on around $1.5bn in provisions that must be put aside for mine closure and remedial costs.