Global mining industry faces up to a deep malaise

Weaker demand from China has caused commodity prices to fall to levels not seen since 2009, and mining groups are feeling the pain

The party is over in the mining industry - again. There is a strong whiff of 2009, the year after the great financial crisis. Almost every commodity is falling in price. Assumptions for demand, investment, jobs and shareholders' dividends are being ripped up.

The share price of once-mighty Anglo American illustrates the industry's feast-or-famine characteristics. Between 2003 and 2009, Anglo's shares travelled from 900p to 33 and then back to 900p; after 2009, they rose again to 33 but are now 778p.

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