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Mining capex cautious, but for how long?

Fund manager AllianceBernstein’s London-based team of mining analysts ask a lot of good questions in their timely review of the current state of mining’s capital expenditure cycle, and even find some answers to the enduring “what’s different this time” that always seems to emerge as the cycle reaches a key juncture.

Mining capex cautious, but for how long? Mining capex cautious, but for how long? Mining capex cautious, but for how long? Mining capex cautious, but for how long? Mining capex cautious, but for how long?

AB's report suggests what might be different is mining companies maintaining strong capital allocation discipline in the face of inevitably rising commodity prices. Different, but certainly welcome.