Mining chiefs are expecting the current commodities crisis to continue throughout 2016.  Or, as one CEO puts it:  "Things are going to get worse before they get better."

"We can't rely on a reversal of this price slump any time soon," added Anglo American Plc. CEO Mark Cutifani at a conference of mining bigwigs in Cape Town, where "adaptation" was the word.  "For many of us in the industry, 2016 is already shaping up to be the most challenging yet," he added.

Industrial-metal prices plunged 27 percent in 2015, as supplies built up while China cooled down.  Faced with the worst performance since 2008, producers have been forced to raise cash and cut debt to stay afloat.  Anglo American and Glencore Plc. scrapped dividends.  Other producers including Freeport-McMoRan Inc. and Glencore have tapped shareholders for money

"Excess supply is awash in most commodities and as painful as it is, economically and rationally it needs to leave the market to create a long-term sustainable future," said South32 Ltd. CEO Graham Kerr.  "I expect this challenging environment to persist for some time and market conditions are likely to remain volatile."

“No mining company is untouched," warned Cufitani, "And each has its own distinct issues to address."