Key findings:

• 2015 saw the first collective net loss in the Top 40’s history (US$27B)
• Market capitalisation is down 37% negating all gains from the commodity super-cycle
• High debt sees some miners fighting for survival through asset fire sales
• Focus on costs continues, but so do economic headwinds

2015 was a race to the bottom with many new records set by the world’s 40 largest mining companies including the first ever collective net loss and market capitalisation reduction of 37%.

A 25% year-on-year decline in commodity prices meant mining companies had to continue to find productivity improvements and for some, to fight for survival with asset disposals. $297B was wiped off the market capitalisation of the Top 40 miners, effectively wiping out all gains made during the commodity super-cycle.