BHP looking to offload US shale oil unit

Mining giant BHP said it was looking at offloading its US shale oil business either a trade sale, demerger or public offering.

In a quarterly update the company reported a 20% rise in copper production to 429,000 tonnes, iron ore output rose 3% to 62m tonnes, 6% per cent to 48m barrels.

The company said it would take a $250m-£350m impairment related to conveyors at Escondida that are no longer in use following the expansion project at the mine.

BHP said half year results would include exceptional items related to recent US tax cuts, adding that in the long term it expected a positive impact on profits.