Acquire, distribute or hoard. That is the choice facing global mining companies such as Rio Tinto and Xstrata. High commodity prices may be providing them with a lot of cash. But what are they to do with it?
The right answer depends on how long prices are likely to stay high.
Xstrata and BHP Billiton are giving cash to shareholders, but perhaps only temporarily. If prices stay high for much longer, acquisitions are likely to gain favour.
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