Agree with your assessment. The last time we were in this situation (where asset values were at or below cost) we didn't see a turnaround until there were meaningful cuts in production/ development. We saw a number of players go under (Altura & Alita) and we saw production cuts by PLS, MIN & at Mt Cattlin.
This cycle has seen a slight reduction at Greenbushes and the shuttering of mining operations by CXO.
It looks like we will need to see a couple more significant announcements relating to production cuts before the analysts/ BEOT start reentering the sector.
Give it 12 - 18 months at best based on current expectations.
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