From another post:

Strong demand from emergingcountries has helped base metal prices rebound and supported gold andsilver prices, even as the strengthening dollar pared some gains inprecious metal prices from last year.

Helpedby that relative strength in commodity pricing, metals executives saytheir coffers are full and financing is available to them.

"Ourcompany is situated today with its financial resources and access tocapital to take advantage of an opportunity if it comes to us in anattractive fashion," Freeport-McMoRan Copper & Gold (FCX.N)Chief Executive Richard Adkerson said in New York. "And you can beassured that bankers are lined up at our offices, coming in withopportunities regularly."

ButAdkerson said that Freeport, the world's largest publicly traded coppercompany, is focused on internal growth as opposed to acquisitions.

"Ifyou have to go out and buy properties you have to pay for the currentvalue and pay a premium for it," he said. "So we've found it verydifficult to find acquisitions that can compete economically with ourexisting internal resource base."

Yamana Gold (YRI.TO)CEO Peter Marrone also said his company would be focused on organicgrowth, despite having the financial strength to look outside.

"Ihave never been averse to acquisitions, but what I have been averse tois bad acquisitions that don't deliver value," Marrone said. "We haveorganic opportunities that deliver great value. We believe, at least asthings stand now, that they deliver better value than something thatwould be in the market."

MID-CAP MERGERS

Still, some executives feel it might be the right time for some smaller miners to combine.

"Wethink there are many out there that we can see that have not invested,have not positioned themselves to renew or continue to hold theirresource and reserve base. And as a consequence they will be forced tomerge," said Mark Cutifani, CEO of the world's No. 3 gold producer,AngloGold Ashanti.

He expectsconsolidation among the so-called junior miners to mid-cap sized minersas they look for assets that can boost their production outlook.

Thompson Creek Metals (TCM.TO) is among those actively seeking acquisitions, as it seeks to diversify away from being a pure-play molybdenum miner.

"Theargument can be made that the diversified metals companies get a littleadvantage in the marketplace because of the derisking effect of beingmore diversified. Growing the company in terms of more projects andmore commodities is a valuable long-range business model," ChiefExecutive Officer Kevin Loughrey said.

Andwith coffers full, larger mining companies will inevitably look attakeover targets as they hit the market, even if their organic growthopportunities are strong.

"Fundingis not the issue. And that's how we want to position ourselves, to havethat financial capacity to take advantage of opportunities, if it makessense," said Aaron Regent CEO of the world's largest gold miner,Barrick Gold (ABX.N) said.

(Reuters) -Mining companies are cash-rich and positioned to do deals, but highprices and the chance to develop existing properties are slowingconsolidation, executives said at the Reuters Global Mining and SteelSummit this week.