The mining industry is braced for a pullback in investment spending as the biggest companies reassess their capital expenditure plans amid escalating cost pressures and an uncertain growth outlook.
BHP Billiton and Rio Tinto last week said they were re-evaluating plans to spend tens of billions of dollars on vast development projects as China’s growth rate slows and some investors lobby for a greater focus on cost control and returning funds to shareholders.
The pair, who are expected to account for about a third of total capital investment in the industry this year, signalled that they could slow or delay projects as they prioritise their most profitable opportunities and seek to match spending with cash flows.
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