Metals and Mining
Review of global trends in the mining industry – 2007

Table of contents

01 Financial highlights 2
02 Executive summary 4
03 Industry in perspective 8
04 A view from the top 14
05 Financial review 16
06 The rise of CVRD 28
07 Five-year trends 2002-2006 32
08 M&A: What happened to the original top 40? 36
09 When a reserve is not a reserve 40
10 Political risk 46
11 The impact of hedge funds on the mining industry 48
12 Private equity 52
13 Optimal capital structuring: the call on cash 56
14 Total tax contribution in the resources industry 62
15 Non-financial reporting and assurance 68
16 A view from around 74
17 Appendix A – Glossary 78
18 Top 40 companies analysed 80
19 Explanatory notes for aggregated financial information 84
20 Key contributors to Mine 86
21 Contacting PwC 88
22 Other PwC mining publications 90