Source: Financial Times, 8th February 2011

Use it, justify it - or lose it. Big mining houses such as BHP Billiton and Rio Tinto face investor pressure to return cash as their coffers swell along with Asian commodities demand and soaring prices. Miners, fresh from a downturn that forced some to issue equity or sell assets to slash debt, others to curb capital expenditure, and most to cut costs, are not uniformly convinced. BHP likes to keep its options open; Rio appears to want a cash cushion in case another crisis looms. Xstrata may have struck a balance, deploying cash on long-term projects while keeping investors sweet, for now.