Anglo American set the sombre tone. Falling prices and rising costs enfeebled the mining group’s businesses in the first half of the year, halving earnings.
First among its diversified cadre to report, the miner last month pruned its spending plans on high-profile growth projects. It is now – as earnings season approaches its conclusion – a familiar tale.
The mining industry faces a number of negative factors that are squeezing earnings, curtailing cash flows and forcing management teams to make tougher choices.
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