Leading mining companies are struggling to balance investor expectations for hefty returns with paying the necessary premiums to buy pure play copper companies as global demand for the metal sends valuations soaring.
“And since copper companies have performed better, diversified miners find it challenging to pay massive premiums when their share prices have dropped more in comparison,” the banker added. The long-term outlook for the metal isn’t always factored in by investors in the bigger miners when they offer higher premiums to try and seal a deal, said Richard Blunt, a partner at law firm Baker McKenzie.
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