Managers insist mining turnaround on track despite underwhelming payouts

UK equity managers say investors are starting to be rewarded by the mega-cap miner turnaround story, despite a mixed round of results from some of the mining giants in the last few weeks.

With the UK-listed mining giants at the forefront of those companies promising an end to wayward spending sprees on unprofitable acquisitions, a growing number of investors have become interested in the sector this year. Investors including Richard Buxton (pictured), running the Old Mutual UK Alpha Plus fund, and PSigma Income fund manager Eric Moore, are all increasingly positive on the sector. Their expectations may have been reduced somewhat by the latest results, however.  While both Rio Tinto and Glencore pledged to increase payouts to investors, BHP Billiton’s decision to lau...