But the worst was yet to come in 2013, with mining stocks falling 20% in the first four months.
A sector that had outperformed the broader equity markets for the past decade has found itself seeing an even bigger disconnect between the industry's share prices, commodity prices and broader equity markets than in 2011. The HSBC global mining index, a key indicator for the industry's stock performance, declined by 13% in 2012.
From the end of last year to April, the index underperformed the Down Jones and FTSE 100 by 46% and 43% respectively making a strong comeback this year unlikely, according to global research company PWC.
It is hoped that the sector will begin to benefit from the changes made this year by 2014..