Most readers would have seen the news that BHP Billiton has registered a new company in Australia. BHP Billiton Aluminium (Holdings) Pty Ltd was registered with a Perth Australia address earlier this month.

Don’t think for a moment however that this means that the world will get new aluminium capacity. It is surely the first step along a path already trodden by Rio Tinto - the hiving off of assets into a separate entity, with an eventual search for a buyer. Pacific Aluminium mark 2?

Presumably BHPB have learned all the lessons to be learned from RT’s experience, so we may not actually see this new company offered for sale. Some commentators are suggesting that BHPB shareholders may find themselves owning this asset as part of their portfolio.

But that is all in the future. So far, BHPB are simply saying that registering a new company and re-aligning assets is something that all well-run companies do.