Coal and iron ore dominated mining takeovers in 2017, Thomson Reuters data shows, with buyers favoring the heavily polluting devil they know over the uncertainties of a battery-powered future.
The mining cycle turned two years ago – gains for the sector's largest companies have far outpaced stocks like Apple, Amazon, Google and Facebook since.
China plans to create several "super-large" coal mining companies by the end of 2020 as nation ramps up years of efforts to streamline the fragmented sector.
Suncor Energy and Teck Resources Ltd have taken higher stakes in Fort Hills oil sands mine from partner Total SA, resolving a dispute over building costs.
Arrival of new Silicon Valley players like Tesla and Apple to old world of metals serves to reinforce focus on environmentally clean, ethical supply chains.
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The company, which is controlled by businessman Igor Zyuzin and came close to bankruptcy last year, circulated the final draft of a restructuring proposal among its creditors.