Explanation:

• Option A (Incorrect): Mining companies operate in cyclical sectors where revenues and cash flows fluctuate significantly with economic cycles. This variability limits their debt capacity, making them more likely to rely on equity financing rather than debt.

• Option B (Incorrect): Software companies are typically capital-light, requiring minimal incremental investment in fixed assets or working capital to grow. As a result, they have little need to raise debt, even though they could support it.

• Option C (Correct): Highly capital-intensive industries, such as shipping, real estate, and utilities, often have tangible assets that retain value and can be easily bought or sold. These assets provide strong collateral, enabling companies in such sectors to support substantial debt in their capital structures.