The pain for mining services and engineering contractors has only just begun. The flow through to other areas will take some time, but recruiters, labour hire, equipment hire, housing prices, etc etc in at least four states (qld, nsw, sa, wa) are all going to suffer.
The only ones who will benefit will be the miners who are smart enough to take advantage ( which is not as easy as it seems).
And talk of take-overs are a waste of time. What value is there in taking over any of these smaller companies.
I have been lazy and not sold out all my mining services companies. Apart from ori (which I think is currently oversold as a result of the current issue), I am about to place sell orders on all of mining services stock including Ttn.
Bad news will start leaking out over the next couple of weeks based on the resumes I have just received.
The loss of 90% of my capital is a very harsh lesson on trading on hope. I hope I learn from this experience.
AUG Price at posting:
11.0¢ Sentiment: Sell Disclosure: Held
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