Xstrata’s admission on Wednesday that it had held “very preliminary discussions” with other mining companies on “a range of topics of mutual interest such as industry consolidation” seemed to suggest business as usual at the group, which is run by arch-dealmaker Mick Davis.

While Xstrata has been busy over the past few months making bolt-on acquisitions, what the market has really been waiting for is news of Mr Davis’s latest big deal, in the mould of last year’s $20bn takeover of Falconbridge of Canada.