The mining sector is often associated with ill-disciplined capital management. Through the last supercycle, driven by Chinese industrialisation, bullish management teams typically signed off overzealous projects and ill-advised M&A activity as they sought to grow volumes, often to the detriment of returns on capital and shareholders' returns.
After an excruciating downturn, lasting until early 2016, and mounting shareholder pressure, it seems many UK miners have turned over a new leaf. New management teams appear to have taken heed of past...
Long-term growth area
Round-up of diversity coverage
Top five holdings make up 45%
Central banks in tight position in case of downturn
Going against the grain