Through the late 1990s and again after the financial crisis, the miners spent more on new capacity than their operations produced in cash, holding above the 100% line for years at a stretch.
Through the late 1990s and again after the financial crisis, the miners spent more on new capacity than their operations produced in cash, holding above the 100% line for years at a stretch. Technology ran near a fifth of operating cash flow for most of the 2010s. Both now sit close to two-fifths, near the low end of the miners' range and the highest technology has reached in more than twenty years.
Source: Bloomberg, analysis by Tavi Costa, via Azuria Capital
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