Have a look at the long term charts of listed mining services companies. They can get really smacked in a mining downturn.
There are plenty of recent examples of mining services stocks that have suffered from one bad client.
These companies do a lot of planning around risk management- diversification of commodities, clients and geography etc.
There were questions about their nickel clients yesterday and their exposure. If Nickel West went into care and maintenance that could really chew into their margins- they would probably survive but it might not be pretty for a while.
A downturn in gold would really set this back- about 70% revenue exposure- more if you take into account recent nickel moves.
IMHO DYOR
Ann: HY24 Results Presentation, page-23
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