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The world’s top 40 mining companies have seen profits plummet by a shocking 72% in the last 12 months, hitting the lowest level in ten years, reveals PwC’s latest annual report on the global mining sector.
According to the study released June 5, global net profits have dropped to $20 billion in the last year, with gold, coal and diversified miners being the worst affected.
The commitment to reduce expenditure may drive merger and acquisition activity, with companies seeking to share capital expenditure and infrastructure, PwC said in the report titled “Mine 2014: Realigning Expectations.”
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