Two of the world’s three biggest mining companies – BHP Billiton and Rio Tinto – are currently “dialing down their risks and the pace of their previous dash for growth”. This is in order that they can “adjust to the evolving near to medium-term environment and…focus their spending on the projects with the strongest medium-term returns.” At least that’s the view of Stephen Bartholomeusz, one of the most astute commentators on the mineral industry.