You are correct, John. All these minerals have bottomed, supposedly because of lack of demand, But just as much from oversupply and large inventories. All players in the market had an oversupply, from miners to smelters to fabricators to end users. This inventory has been utilized by all, rather than buying more, and has created an indication of much lower demand. That oversupply has now disappeared and demand is slowly increasing, along with pricing.

When you couple the above with the fact that up to 40% of supply has been mothballed, and that infrastructure spending will begin to kick in in about 3 months, one can easily make the argument that we will have another bull market in commodities starting in the very near future.

Also will a big player such as BHP want to spend a bunch of money to restart a marginal operation such as in Australia, or spend the same money towards a high grade one such as Mcfaulds will be.

Regards

K