Three mining stories on as many continents on Thursday have more in common than meets the eye. Each, in its own way, is a rational response to the commodities cycle as demand slows, input costs rise – especially on older mines – and capital is scarce. Most mining companies have entered this downturn with strong balance sheets. But they know that if they do not moderate capital expenditure and reallocate available capital to new or existing long-life, low-cost projects, investors will ask for their money back.