BHP Billiton shares have fallen sharply, with investors disappointed the mining giant is not returning funds to them amid plans to demerge its smaller mining assets.
Shareholders had been expecting BHP to announce a return of around $US1 billion in the form of a share buyback or special dividend.
"There was an expectation that BHP with all its cash would be fairly aggressive with respect to a share buyback," Mine Life resources analyst Gavin Wendt said.
BHP's Australian shares finished Wednesday down $1.55, or 3.91 per cent, at $38.13 - their sharpest one day fall since March.
The company's shares in London also fell heavily overnight.
"The share price reaction is completely related to the fact that the capital management program wasn't there," UBS analyst Glyn Lawcock said.
It appeared BHP would announce something once it could be done sustainably, he said.
BHP announced on Tuesday it will offload the majority of its aluminium, manganese, nickel and silver assets into a new company that is to be listed on the Australian share market by mid-2015.
The move allows the company to focus on its four core areas - iron ore, coal, copper and petroleum.
BHP also reported 23 per cent growth in its full year profit to $US13.8 billion ($A14.93 billion), broadly in line with market expectations.
Wednesday's share price fall follows several days of gains, which came after the company flagged the demerger on Friday afternoon.
BHP shares remain well above the 2014 low of $35.20 they hit in March, when iron ore prices slumped.
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