Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Sumitomo Metal Mining Co, the copper and nickel producer that also owns Japan’s only gold mine, is scouring the world for bullion deals as assets become more affordable.
The Tokyo-based company signaled its appetite for overseas expansion in February with the US$1 billion purchase of an additional stake in Freeport-McMoRan Inc’s Morenci copper mine in Arizona. Now, gold is the priority, President Yoshiaki Nakazato said in an interview.
