So the traditional 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 rebuffing of the initial approach 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.