Bulk Commodity Prices Defying Longer-Term Risks and Major Miners Remain Overvalued
We still see significant risks for the miners and think the stocks overall are overvalued. Buoyant commodity and share prices do not reflect the inevitable shift in China’s economic growth toward less commodity-consuming activities, and the market has taken too much comfort from the stimulus-fuelled recovery. The underlying sources of instability--poor-quality lending in China and growing leverage are yet to be addressed. We see the greatest overvaluation among the bulk miners--those exposed to ...Anglo American is a global mining company with a portfolio of mining operations and undeveloped resources. Co. is focused on diamonds, copper, platinum group metals (PGMs), and bulk commodities and other minerals. Co.'s segments include: De Beers, which produces rough and polished diamonds; Copper, which produces copper; Platinum, which produces PGMs; Iron Ore and Manganese, which produces iron ore, manganese ore and alloys; Coal, which produces metallurgical coal and thermal coal; and Nickel, which produces nickel.
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