Energy demand growth was slowing before covid-19, says BP

CAT said commodity prices remain on the low end and had yet to translate into increased mining activity or higher demand for equipment.

The company however is still debating whether to sell or spin off its majority stake in Kumba Iron Ore Ltd, Africa's top producer of the commodity.

Most of them have been after existing operations and companies, rather than trying to build mines from scratch.

It produced 86.82 million tonnes of iron ore in the April-to-June period, down 2.8% from a year earlier.

Shares plunged after miner revealed that output fell almost across the board in the April – June period.

World's top miner expects to produce 1.7 million tonnes in 2017 as output at giant Escondida mine jumps 9%.

Overall, Canadian deal-making in the first half of the year fell in line with the global cooling down trend that has followed the record valuations of 2015.

Recovering commodity prices and investors' veto on deals have frustrated Davis and his team in their search for mining and metals bargains.

Australia is teetering on the edge of a massive hole – one left by huge mines that may soon close.