The world's biggest diversified miners have yet to see their share prices r...
LONDON - The world’s biggest diversified miners have yet to see their share prices reflect their role as providers of the minerals needed for a shift to a low-carbon economy.
Still, many investors are wary. Concerns include the demand outlook from China, the world’s biggest consumer of metals; the sector’s history of wasting shareholders’ money on mergers and acquisitions that never deliver returns; and a patchy record on environmental, social and governance-related issues.
“All the large mining companies are trading on high free cash flow yields relative to the broader market when you adjust for capital spending on growth projects,” said Nick Stansbury, head of commodity research at Legal & General Investment Management . “A whole class of people say ‘I’m out’ because of that uncertainty, and that leads to undervaluation,” he said.
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