Mining bosses have warned against plunging into the M&A market and repeating mistakes of the past as forecasts mount that the industry is on the verge of a dealmaking boom.
Rio Tinto chief executive Jakob Stausholm was the most outspoken as he hinted at the experience of his predecessor Tom Albanese, who was ousted from the top job in 2013 after an ill-fated acquisition.
Albanese was blamed for Rio’s $38bn deal for Canadian aluminium rival Alcan in 2007 that contributed to $30bn in writedowns following the metal’s tumble on the markets.
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