China's biggest copper producer has established a wholly-owned subsidiary in Hong Kong in order to reduce the cost of financing raw material imports and future acquisitions.
Already running at a loss or struggling to stay in the black, most thermal coal mines in Australia's Queensland are now facing additional challenges as exports drop and major projects wind back.
Given Chinese officials' penchant for painting rosy economic pictures, it is something of a big deal when a state-backed institution such as the China Iron and Steel Association makes such a bearish call.