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HOTTER ON METALS: Turning tide for miners
February 14, 2013 - 18:50 GMT
The tide that swept metals prices higher and buoyed mining firms on the crest of the wave could be turning.
To reap the benefits of higher metals prices, many miners
have spent nearly the past decade aggressively chasing deposits
while seeking to expand output. While this undoubtedly lifted
corporate valuations and kept shareholders happy, the cost of
this strategy is starting to come home to roost. Jamie
Sokalsky, the ceo of Canadian miner Barrick summed it up
nicely. "Rising costs, poor capital allocation and the pursuit
of production growth at any cost in the industry have led
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Euromoney Institutional Investor PLC.
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