Like its rivals, Xstrata's shares have taken a hammering in recent weeks, which has left them down nearly 50 per cent this year, notes the Investment Column in the Independent. But yesterday's rally in Xstrata – and in FTSE 100 mining shares in general – suggests that the Anglo-Swiss miner may not be in such bad shape as its share price suggests. It is certainly true that Western economies are in deep trouble, as Europe and the US struggle with debt mountains and austerity measures. Meanwhile, emerging markets may not be quite as robust as had been hoped just a few months ago. But the longer-term outlook for the key industrial ingredients in which Xstrata specialises is good, with overall demand from emerging markets likely to grow strongly for years to come. Since Xstrata is part-owned by Glencore, there have been rumours that the commodities trader could mount a bid. Whether or not an offer is forthcoming, the long-term outlook alone makes this miner one to buy, the Independent recommends.

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