Citigroup (NYSE:C) Says Rio (NYSE:RTP), BHP (NYSE:BHP) Could Spin Off $17 Billion in Assets

Citigroup (NYSE:C) said BHP Billiton Ltd. (NYSE:BHP) and Rio Tinto Group (NYSE:RTP) have up to $17 billion in assets they could spin off that don't add much to the profits of the companies.

“These assets could be viewed as non-core and there may be the potential to sell or spin those assets out into the market,” Citigroup analyst Craig Sainsbury said in a report. “There is over $17 billion of net present value within the assets.”

For BHP, Sainbury noted their Worsley alumina refinery, which only adds about 1 percent to earnings, and for Rio Tinto, their Palabora copper and gold operation was noted as a unit they could divest of.