BHP Billiton shareholders have approved the spin-off of the company’s minor assets into South32 by more than 98% of the votes cast in Australia and Britain.
BHP Billiton chairman Jac Nasser said: "The demerger of South32 simplifies BHP Billiton’s portfolio while retaining the benefits of scale and diversification.
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"We believe that the demerger will create two successful companies in BHP Billiton and South32."
The metals and mining company South32 will own a portfolio of mining assets, including alumina, aluminium, coal, manganese, nickel, silver, lead and zinc.
With its headquarters to be in Perth, it will have a regional head office and global shared services centre based in Johannesburg, South Africa.
In March, the company recommended that shareholders approve the proposed spin-off of its new mining group South32.
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By GlobalDataAccording to the company, the total one-off costs of the demerger will be about $738m.
BHP Billiton believes that this segmentation could generate around $100m in savings a year, with 90% made by the end of 2017.
As at 31 December 2014, the South32 businesses consisted of gross assets of $26.7bn and contributed net profit after tax of $217m for the 12 months ending 30 June 2014.
