By Rob Foulkes and Daniel Litvin

After several years of headlong expansion, big oil and mining companies are pulling up abruptly. Soaring commodity prices, which during the past year have broken records in markets from crude oil to copper, have slumped across the board since July 2008.

Together with the impact of the credit crunch on project finance, this drop has forced scores of extractive companies to cut back on new investments and scale down production at many existing operations.

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