Analyst: Diversified miners are seeking to streamline while retaining cash cow commodities.

Berenberg analysts Richard Hatch and Jasper Mainwaring wrote that diversified miners are focused on streamlining their asset portfolios, but are still committed to a multi-commodity bulk commodity model. They wrote that these miners are looking to acquire more copper assets, but may maintain exposure to revenue-generating bulk commodities such as iron ore and coal. This cash could be used for acquiring copper assets. Rio Tinto, which has previously held talks with Glencore about a possible merger, indicated that if the deal were to proceed, the company had plans to retain its diversified asset portfolio - something these analysts did not anticipate. The analysts noted that they had previously thought that post-merger, the company resulting from a Rio Tinto and Glencore merger would want to divest most non-copper assets.