BHP Billiton's longtime Chairman is reported to have announced the date of his departure amidst reports the company may be laying the groundwork to issue bonds in Australia for the first time in years.

Mr. Nasser, 62, will officially take up the role of BHP chairman on March 30, replacing Mr. Argus, who is 71 and has been at the helm of the BHP board since 1999.

Mr. Argus, one of the nation's most powerful and respected businessmen, began his tenure as Chairman by heading the BHP takeover of South Africa's Billiton -- a move that has tagged the company as world's biggest miner.

Nasser served as CEO of Ford Motor between 1999 and 2001, where he earned the nickname 'Jac the Knife' for his cost-cutting efforts at the carmaker. Nasser had been named as Argus' replacement late last year, but a date for the handover had yet to be announced.

However, Argus, on the other hand is honored as a hero inside BHP as he led the miner out from financial trauma and over-expansion after a many mergers and acquisitions in the 1990s. Under his leadership, BHP's market capitalization was reported to expand from $31 billion to $190 billion, according to the company.

BHP posted its plans to increase capital investments from $12.8 billion this year to $20.8 billion in the year to June 2011 with an aim to fulfill the rising demand for commodities.