Private equity funds see promise in Australia's battered mines

MELBOURNE: Private funds are trawling for bargains in Australia in the aftermath of a global mining boom, looking to strip the fat at companies and projects they believe hold promise but which are struggling under the weight of sagging commodity prices.

Big name funds that dominate the $2.5 trillion private equity industry generally steer clear of mining which they see as too risky, but a clutch of specialist funds estimated to have at least $10 billion to invest are on the prowl for opportunities around the world.