Mining capex has been declining since 2012, with miners focusing on a strategy of retrenchment, project cancellations and divestment of high cost assets to balance to books and improve margins.

We expect this trend to continue as miners will continue to pursue a strategy of greater capital and supply discipline, which will result in further mining capex cuts, reigning in global supply.

However, cancellations and retrenchment strategy will offer limited further gains, thus miners will increasingly focus on maximising revenue at existing assets and increasing efficiency overall.

This will be done by focusing on streamlining mine processes (eliminating overlap and a cost-reduction focus) and targeting innovation to improve operational efficiency.

https://www.energyst.com/news/mining-capex-decline/