Xstrata’s Davis bullish with $23B capex plan

Dec 09, 2010 | 11:27 AM | Mark Burton

Xstrata Plc chief executive officer Mick Davis gave a bullish outlook for the mining sector as he announced plans to spend $23 billion on asset development through 2016.

While Xstrata's mergers and acquisitions division has captured headlines in recent years, the company is now focusing on natural asset development across its base metal projects, Davis told investors in London this week.

Copper—as a "proxy metal" exemplifying the strength of demand in the mining sector—will be supported into 2011 and beyond by rampant demand arising from emerging-market urbanization, constricted supply and a recovery in Western demand, Davis said.....

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