Why BHP's shareholders missed the boat

The big miners are winding up their capex in the face of market uncertainty, and their shareholders' demands for excess cash should have come before the boom went a bit bust.

This year’s version of PricewaterhouseCoopers’ annual global mining report is entitled ‘’The growing disconnect,’’ which is a reference to the divergence of the big miners’ strategies and their shareholders’ demands and the market’s expectations. From Marius Kloppers’ comments today, a meeting of minds is rapidly occurring, although perhaps not quite as envisaged by shareholders.

In the earlier part of this year the contest of ideas between the companies and their shareholders has been as PwC describes it.

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