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Copper miners could be shooting themselves in the foot

Alex Hamer

Copper miners could be shooting themselves in the foot

Glencore (GLEN) boss Ivan Glasenberg is used to making bold statements. But his admission last week that the mining industry had "generally got it wrong" when forecasting metals prices shed a light on how much of a punt even multibillion dollar projects are, with increased cash flow and net asset value forecasts arguably put before shareholder interests. With prices higher now, this could see another round of projects getting the green light based on unrealistic expectations. 

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