Commodities Forecast - Mining 2015 Key Themes Revisited - AUG 2015

We have revisited our key mining themes for 2015, which we laid out at the start of 2015 ( see: 'Broad Challenges, With Pockets Of Opportunity In 2015' January 8). Most themes are either playing out or else still in play.

Theme: Mining Capital Expenditure Will Continue To Decline

Description: ''We expect global mining capital expenditure (capex) will continue to decline through 2016 as subdued mineral prices put downward pressure on firms' revenues, necessitating greater capital and supply discipline in the years ahead.''

Capex To Trend Further Downwards
Change In Bloomberg Capital Expenditure Estimates For Global Top 10 Miners (%), January-July 2015
Source: Bloomberg, BMI

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