By the time China's demand growth for metals and coal stopped, miners had spent an unprecedented $1.25 trillion on expansion.

The test is cumulative capital expenditure by the global mining industry (metals and coal) on expansion during the China-driven boom, roughly the 2000s to 2014–2015 when demand growth stalled. True: credible industry estimates put this at about $1.25 trillion (between about $1.1 and $1.4 trillion) and describe it as unprecedented or a record. Mostly true: the estimate is within about 25% of $1.25 trillion, or covers a slightly different scope or period. Mixed: estimates vary widely, with some near the figure and others far from it. Mostly false: real but much smaller or much larger figures (off by more than 25% but less than 50%), or the figure includes things well beyond expansion spending. False: estimates are off by more than half, or there was no boom-scale spending.

Set before the research began.

1. E1 2016 Global Metals, Mining & Steel Conference Glencore · 10 May 2016

   “Return on the $1 trillion invested 2003-15 will be dictated largely by management actions”

2. E2 2016 Global Metals, Mining & Steel Conference Glencore · 10 May 2016

   “Capex of $1 trillion has generally been invested in long life assets”

3. E3 Record mining splurge makes global impact The Namibian (Nampa-AFP) · 9 December 2011

   “Mining companies’ capital expenditure surged to a record US$140 billion around the world this year, up from US$100 billion in 2010 and less than US$40 billion in 2003, according to RBS research.”

Glencore's 2016 conference deck puts cumulative mining capex for 2003-15 at about $1 trillion (E1, E2). That is roughly 20% below the claimed $1.25 trillion: within the 25% band for mostly true, but outside the $1.1-1.4 trillion range needed for true. RBS research reported mining capex reaching a record $140 billion in 2011, up from under $40 billion in 2003 (E3), which supports describing the spending boom as unprecedented.