Mining’s $ 1.4 Trillion Plunge Like Losing Apple, Google, Exxon
When you’ve spent a decade building new mines it’s bad news when a downturn in China, your biggest customer, shows no signs of stopping.
by Thomas Biesheuvel and Jesse Riseborough, Bloomberg
Mine Web
The $1.4 trillion lost in global mining stocks since 2011 exceeds the total market value of Apple Inc., Exxon Mobil Corp. and Google’s parent Alphabet Inc.
When you’ve spent a decade building new mines from the Andean mountains to the West African jungle, it’s bad news when a downturn in China, your biggest customer, shows no signs of stopping. Investors have been unforgiving and concerns that it will only get worse pushed the Bloomberg World Mining Index to an 11-year low.
“It’s terrible, there are no two ways about it,” said Paul Gait, a mining analyst at Sanford C. Bernstein Ltd. in London. “A lot of people were hoping at the start of 2016 to see at least some stabilization in the commodity performance in these stocks. Essentially people were looking to close the consensus short that has characterized 2015. This has clearly not happened.”
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Source: http://financialsurvivalnetwork.com/2016/01/minings-1-4-trillion-plunge-like-losing-apple-google-exxon/?utm_source=rss&utm_medium=rss&utm_campaign=minings-1-4-trillion-plunge-like-losing-apple-google-exxon
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