[miningmx.com] – THE world’s largest mining companies have written down assets totaling $42.2bn in the last 12 months, a 46% increase year-on-year, said Bloomberg News citing its own data.
Colin Hamilton, head of global commodities research at Macquarie Group, told the newswire the write-downs were owing to over zealous diversification plans. “It was an overaggressive investment cycle, which was badly timed,” he said.
“A lack of opportunities in their existing commodities is a part of why these miners did this, and that was done because everyone else was trying to do the same,” he told Bloomberg News.
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