JOHANNESBURG, June 7 (Reuters) - Large global mining companies have cut back on investments despite a turnaround in profitability and a spike in commodity prices, a PricewaterhouseCooper's (PwC) report revealed on Wednesday.
Capital expenditure, an measure of confidence in future returns, fell 41 percent in 2016 to a record low of $50 billion.
"Everyone is gun shy at the moment and they are not investing until they are very comfortable that the returns will be there," PwC director and report co-author Andries Rossouw told journalists on the sidelines of a junior mining conference in Johannesburg.
The report showed that profitability in the industry recovered to an aggregate net profit of $20 billion from $28 billion in losses in 2015.
Glencore GLEN.L , Anglo American Plc AAL.L and Rio Tinto (RIO) , were among the forty companies included in PwC's 14th report on the industry.
This one drew on analyses of performance and global trends from financial information during 12-month reporting periods for companies between 1 April 2015 and 31 December 2016.
News: RIO Capital expenditure by top global miners at record low - report
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
$116.33 |
Change
-1.160(0.99%) |
Mkt cap ! $43.18B | |||
| Open | High | Low | Value | Volume |
| $117.30 | $117.36 | $115.47 | $141.7M | 1.218M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 4546 | $116.32 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $116.34 | 57 | 1 |
View Market Depth
| Last trade - 16.10pm 17/09/2025 (20 minute delay) ? |
| RIO (ASX) Chart |