The metal rally that has kept the mining industry into expansion mode over the last decade seems to have been losing steam, as mining companies themselves appear to be putting measures in place to conserve money to counteract anticipated losses.

The second-biggest mining company in the world, the Rio Tinto Group (RIO), will only be allocating $8 billion to expenses in 2015, an amount that is less than half of half year’s outlay. The chief executive officer of the London-based company, Sam Walsh, stated that the company’s “capex is reducing, and will come down further. “From where I stand, we continue to see market fragility and volatility.”

Only yesterday, the world’s biggest iron ore company, Vale SA (VALES), downsized its investment budget for the third consecutive year to $14.8 billion, the lower for the company since 2010.

In the market, Rio dropped 0.6 percent, while BHP Billiton Ltd., the biggest mining company in the world, fell 1.2 percent.

Rio’s CEO, however, does not seem entirely dispirited about the prospects of the mining industry. “Over the longer term, I remain optimistic about demand for our products,” Walsh reported. “China’s urbanization will continue and the development of other economies as they continue to grow at pace, such as India, Vietnam, Indonesia, the Philippines, the Middle East, the former Soviet Union, South America and Africa, will also contribute to ongoing demand.”