From the $939bn invested in major projects between 2008 and 2017, the world’s top 40 mining companies by market cap. wrote-off $273bn or 29% of the initial capital outlay.
Company aims to be the first significant world producer outside of China of dysprosium, used by electric vehicle makers in the manufacturing of engine magnets.
The Dmitrii Donskoi is believed to have sunk in a naval battle 113 years ago, carrying the treasury of the entire flotilla, which would have included port expenses, as well as salaries of sailors and officers.
Producers have been giving above-inflation wage hikes for years, adding to the cost burden of an industry that has been battling in the face of depressed prices, labour unrest and soaring power bills.