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Mining industry hit by ‘capital strike’

Posted on 20 February 2013

The mining and metals industry is suffering from a “capital strike” with funds raised by a former favourite of investors over the past decade falling 25 per cent last year amid falling commodity prices.
Mining and metals companies raised $249bn in 2012, down from $340bn in 2011 because of a sharp drop in proceeds from initial public offerings and bank loans, according to consultants Ernst & Young. “The capital strike by many mining and metals companies in the face of rising costs and softer prices in 2012 will continue until commodity prices recover sufficiently to encourage new investment,” Lee Downham of Ernst & Young said……………………………………Full Article: Source


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