Worst Still Ahead for Mining Industry After Losing $1.4 Trillion
This year looks even worse for an industry decimated by the commodities slump.
Walsh Sees a Tough 2016 For Rio Tinto, Worse Than 2015
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When you find yourself in a hole, the saying goes, stop digging. A simple lesson that arguably has bypassed a mining industry that’s wiped out more than $1.4 trillion of shareholder value by digging too many holes around the globe. The industry's 73 percent plunge from a 2011 peak is far beyond the oil industry's 49 percent loss during the same time.
Just how long it will take for the world to erode bulging stockpiles of metals, coal and iron ore was the central debate at the mining industry’s biggest investment conference in Cape Town this week, which attracted more than 6,000 top executives, bankers, brokers, analysts, miners and reporters. Here's what they concluded.