Oct 29 2018, 3:29 AMOct 29 2018, 4:00 PMOctober 29 2018, 3:29 AMOctober 29 2018, 4:00 PM
Metal and mining companies have increased capital expenditure and are pursing more takeovers for the first time since 2013, according to Bloomberg News. The world’s 10 biggest firms will have spent a combined $35bn this year, while mergers and acquisitions in the industry have reached their highest in six years, stimulated by deals like Barrick Gold’s $5.4bn takeover of Randgold Resources. Significant moves include BHP raising its annual exploration budget and also increasing its stake in SolGold, Vale expanding its $1bn Brazilian copper operation, while Fortescue recently approved a $1.3bn project for a new iron ore mine.