JOHANNESBURG (miningweekly.com) – Diversified mining major BHP, which has made a rejected proposal to combine with Anglo American by way of a scheme of arrangement, confirmed on Thursday that it intended maintaining its multi-decade listing on the Johannesburg Stock Exchange (JSE).

BHP also emphasised that, under its Anglo proposal, South Africa would continue to benefit from Anglo American Platinum and Kumba Iron Ore operating as independently listed South African companies investing in local operations, communities and jobs.

The structure of its proposal, including the proposed distribution of Anglo's shares in Anglo Platinum and Kumba to its shareholders, reflected the priorities for BHP's portfolio as well as opportunity for synergies, BHP stated in its release to Mining Weekly.

Shares for the South African platinum and iron-ore businesses would, under the proposed structure, continue to be JSE listed and run by established South Africa-based management teams.

Moreover, the Australia-headquartered BHP said that the proposed structure did not reflect a view of South Africa as an investment destination and was based on portfolio and commodity considerations.

The great importance it attaches to creating social value for society and communities was also emphasised.

“We believe this structure unlocks immediate value, delivering shareholders and stakeholders access to future growth opportunities and investment currently not available under the existing ownership structure,” BHP added.