When BHP Billiton (BHP) was trying to survive and cut its debt load a few years ago, it decided to spin out South 32 (ASX:S32, S32.L) which owned BHP’s non-core assets. Even though these projects and mines were deemed to be non-core, they have been a real cash flow engine for South32 which now is one of the mining companies with the strongest balance sheets and cash flow generation.

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