After years of relentless cost-cutting and debt reduction initiatives, big mining companies are starting to spend again.
From Australia to Peru, the past month has seen a handful of new projects signed off and a flurry of dealmaking activity.
But with the scars of the last downturn, which reached its nadir in early 2016, yet to fully heal the industry is taking a more disciplined approach to growth and investment, mindful of the need to lift shareholder returns, prove they are responsible stewards of capital and improve their lowly stock market ratings.
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