That attempted makeover has taken a battering in recent months: The mining industry has suffered blow after blow, costing investors billions and shaking faith in some of the industry’s biggest names.
In Panama, mass protests against one of the world’s largest and newest copper mines culminated in an order to permanently shut it down and wiped out more than half of the market value of owner First Quantum Minerals Ltd. Canada’s Teck Resources Ltd. dropped 9% on a single day in October after revealing the latest cost blowout at its flagship Chilean project, while larger rival Anglo American Plc’s surprise cut to its planned copper production sent shares plunging 19% on Dec. 8.
In South Africa, Sibanye Stillwater Ltd. dropped as much as 25% in November after announcing a convertible bond sale. while an accident at rival Impala Platinum Holdings Ltd. left 12 people dead and dozens injured.
The latest jolt came on Thursday…
