As charges mount and lending lags, miners move to bonds
— The Globe and Mail
Facing a backlash from angry shareholders and coping with tighter lending rules at the banks, global miners are aggressively pursuing alternative avenues to finance their projects.
The primary source of new funds: the bond market. Miners both big and small are turning to fixed-income investors to get their hands on new cash, raising $113-billion by selling new bonds in 2012, up from about $80-billion the year prior, according to Ernst & Young.