As the new year begins, 2020 looks to be another good year for project activity. Mining firms, especially publicly traded ones, spent more in 2019 than in 2018 for both organic growth and mergers and acquisitions, marking the second year of increased spending after hitting the bottom of the cycle in 2017. That trend is expected to continue in 2020 as companies increase spending nominally or normalize spending near 2019 levels. An analysis of the capital guidance of six of the top mining companies (Rio Tin to, Vale, BHP Billiton, Glencore, Barrick Gold and Newmont Gold-corp) shows a combined 10 increase in planned capital expenditures for 2020.
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