Through almost a decade of super-cycle, mining companies enjoyed extended spontaneous growth, driven by buoyant commodity prices and largely funded with low-cost debt. The abrupt demise of the super-cycle pushed commodity prices to near 10-year lows, leaving many senior miners with a signature legacy – massive debt loads. In a desperate bid to survive, these companies have been frantically trying to repair balance sheets, writing down billions of dollars of assets, racing to sell non-core assets, tightening belts with extraordinary operating cost cuts and, more recently, buying back debt. In April, the wave of debt-buybacks continued with Fortescue and ArcelorMittal leading the pack. Earlier in March, Barrick Gold and Anglo American topped the list, buying back billions of dollars of debt. Disposal of non-core assets and repurchasing debt reduces life-threatening challenges for senior miners. Together with efforts to reduce operating costs, this has improved operating cash flow, opening up the possibility of raising new capital to further reduce debt. At one end of the spectrum, Anglo American did well in March by retiring US$1.83 billion in debt with only $1.7 billion, resulting in a net debt benefit of $130 million. Though the buyback was funded from its own cash reserves, it also secured a $1.5 billion club facility with no financial covenants, thanks to its improving balance sheet. Anglo’s recent $1.5 billion sale of its niobium and phosphate assets further strengthened its balance sheet. At the other end of the spectrum, Rio Tinto is repurchasing US$339 million of 2% notes due next year and $1.02 billion of 1.625% securities that also mature in 2017, both at premiums to face value. Perhaps this buyback is an attempt to improve its credit rating, which had been downgraded by Moody’s to Baa1, the third-lowest investment grade. Miners still struggling with tight operating cash flow can increase capitalization, which is also an effective way to repair a balance sheet. ArcelorMittal raised a US$3 billion rights offering earlier in April, together with a US$1.4 billion buy-back of 4.5% notes due in February 2017. Rights offerings are typically an inexpensive capital source from existing shareholders. However miners repair balance sheets, it is good news. Cleaning up liabilities, selling assets, constraining operating costs and raising new capital are all great ways to secure the future. Following restructuring, mining companies are refreshed and better positioned. Hopefully, they have learned from their mistakes and are now able to move forward successfully.