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HOTTER ON METALS: Turning tide for miners

February 14, 2013 - 18:50 GMT Location: New York

KEYWORDS: Rio Tinto , Barrick , aluminium , coal , copper , Lumwana

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 to...

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