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Abstract
The world metals industries entered a period of turbulent change in the mid 1970s. Many of those changes—in terms of demand structure, supply sources, industry concentration, trade patterns, price/cost relationships, and financial arrangements— are still in process. Our topic relates to the impact of international lending on the metals industries, both private and public. The paper gives a brief overview of the various sources of lending available for the metal industries, and then looks at the changing patterns of financing for metals projects and the implications for metals operations and for lending institutions.