And so the ritual begins. Xstrata's proposal for a "merger of equals" with mining rival Anglo American was as long on hope and short on detail as such expressions usually are. Equally, Anglo's rebuff follows a familiar pattern: it would have been more surprising if the Anglo board had sounded encouraging.

The possibility of an Xstrata-Anglo combination has captivated the mining sector for years. If only it were as compelling for the protagonists. In practice, each side might find the cultural chasm too difficult to bridge if a deal were to go ahead. And while Xstrata is keen to share Anglo's portfolio of top-tier assets in platinum, copper and coal, Anglo - rightly - believes that it has other options even if it accepts the argument that it should become a BHP Billiton-sized "supermajor".