Global January 2014 Analysis

Industry Trend Analysis - Top Firms Signal Continued Capex Weakness - JAN 2014

The latest announcements by Rio Tinto and Vale regarding cutbacks in capital expenditure (capex) in 2014 further reaffirm our view that the mining industry will be beset by austerity in the coming quarters. Given recent industrial metal price weakness and uncertainty over the sustainability of Chinese growth, we expect more miners to announce similar cutbacks. Our forecast for falling iron ore...