South32

BHP's 2015 spinoff created a $8.1 billion organism specialized in commodities the parent deemed non-core: manganese, aluminum, silver, zinc, and coal. At 8,892 employees, South32 demonstrates calving as corporate reproduction—the parent sheds slower-growing assets to focus metabolic resources on copper and iron ore, while the offspring inherits viable but non-strategic operations.

The 32nd parallel south connecting Australian and South African assets gives the company its name and defines its geographic niche. South32 became the world's largest manganese ore producer and operator of the largest primary silver mine, occupying market positions BHP considered too small for a $146 billion parent but substantial enough for an independent $8.1 billion entity.

Portfolio reshaping since 2015 mirrors adaptive radiation after speciation. The company sold NSW metallurgical coal in August 2024 and agreed to divest Cerro Matoso nickel (completing mid-2026), concentrating on manganese and the Hermosa zinc-lead-silver project in Arizona. The February 2024 final investment decision on Hermosa ($1.5B capex, 28-year mine life) shows resource allocation toward growth assets.

FY25 delivered $5.98 billion revenue (up 7.1%) and $318 million profit after FY24 losses, demonstrating recovery from commodity price troughs. Manganese volumes jumped 33%, Sierra Gorda copper production increased 12%—the portfolio is finding its metabolic equilibrium. Like organisms after calving events, South32 spent its first decade determining which niches it could dominate after separating from the parent.