Slowdown in mining deals
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Wednesday 07 September 2011
The deal-making frenzy in the global mining sector looks set to ease over the second half of the year after a sharp fall in activity in July and August, according to a new report.
Figures from the accountancy firm PricewaterhouseCoopers (PwC) show that the value of mining deals fell by 32 per cent in monthly terms in July, while volumes fell by 19 per cent. August saw falls of 25 per cent and 7 per cent in values and volumes respectively.
The pullback came after a record first half, with deal makers in the sector recording their busiest six months in history. In all, 1,379 deals worth $71bn (£45bn) were announced in the first half. But although the pace is likely to slow in coming months, PwC partner Tim Goldsmith said factors such as China's demand for metals will keep activity from ceasing altogether.
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