Not so good if you're a startup though as you have to import alot of your equipment/mobile fleet,etc. But don't think thats driving the selling. Market crapping itself and being led down by resources.
Very much a case of people selling because everyone else is. Trying to conserve as much of their capital to buy back in lower.
Bulks still strong, BHP just paid $2.4bn for one of NHC's coal tennements a couple of weeks back. They know what's going on long term.
Some great bargains to be had about the place if you're cashed up and have kahunas.
UMC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
