The same thing has happened to drill companies who have any debt, a lot of new drillers started companies without any contracts and are now broke because drilling has dropped to less than 20% of last year. Check out Major Drilling and Cabo, both of whom are listed companies. Their shares are trading for a fraction of last year and far below assets. Boart Longyear, who is the new underground drill contractor at San cut the prices of the former underground contractor in half and that is why they were replaced. Hugh was already 30% cheaper than the industry standard mainly because he is local and rigs are paid for, so they would have to lose money to undercut him and San has a win win situation both on surface and underground