Driven by low commodity prices, large mining companies will shift away from diversification strategies to concentrate on increasing competitiveness in specific sectors, predicts research firm BMI.

The process is already underway at the top diversified firms including at number one miner BHP Billiton which back in 2014 embarked on what it called “portfolio simplification” to focus on iron ore, copper, coal and petroleum and potentially potash.

Severe debt distress has prompted a much more radical overhaul at number five miner Anglo American where only three divisions may survive – copper, diamonds and platinum. Mines will be cut from 55 to just 16.

Miners will “increasingly surrender to a 'lower for longer' price outlook, which would result in further significant divestment of assets, output cuts and bankruptcies"

Over the longer term miners would increasingly focus on core operations and acquire assets within their field of operations to drive down costs and enhance competitiveness

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