Showing their metal

It may sound like a classic top-of-the market deal. Xstrata intends to purchase one third of a big coal mine in Columbia for $1.7bn. Six years ago, 50% of the Cerrejon mine was sold for $384m. But the commodities world has changed. Mines are looking more valuable. Cerrejon should pay off for Xstrata, even at this high price. The balance of supply and demand is looking tight for all of the major mined commodities. For each of them - coal, iron ore, copper and aluminium - demand is unexpectedly h...