Worst still to come, warn mine bosses
The CEOs of Anglo American and Vedanta Resources are among mining bosses gathered for an industry conference in Cape Town cautioning that the worst might still be ahead and that companies must adapt to survive. "Things may still get worse before they get better," Anglo CEO Mark Cutifani said yesterday."We can't rely on a reversal of this price slump any time soon. For many of us in the industry, 2016 is already shaping up to be the most challenging yet."The mining industry was plunged into chaos last year when industrial-metal prices plunged 27% as the market contended with excess supplies amid cooling demand from China, the world's biggest consumer.Vedanta CEO Tom Albanese said he was hesitant to call the bottom and that the company was focused on meeting its debt requirements...
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