New World Development plans to spin off and separately list its iron ore unit, Newton Resources, on the Hong Kong stock exchange. New World said yesterday Newton Resources, a unit under its transport and financial services arm, NWS Holdings, holds the mining rights to a privately owned iron ore mine, the Yanjiazhuang Mine, in Hebei province. The open-pit mine has proven and probable reserves of about 260 tonnes of iron ore. NWS has increased its stake in Newton Resources from 43.34 per cent to 55.02 per cent. It aims to further raise the stake to 60 per cent before the spin-off.