We are only in the beginning of the global slowdown, BHP has not...

We are only in the beginning of the global slowdown, BHP has not even felt the result of china slowing.
Iron ore and coal prices are yet to fall and take a real hit, most of the volitility with Bhp is uncertainty. I think bhp earnings should fall by around 40% plus.
There will be a recovery of things like copper, zinc and nickel lead tin late 2010 but due to the cash costs of production being high which has forced manny mines to close and a shortage in the near future.
Chinese industry is in real trouble, the market place is now flooded with unwanted stock due to the global slowdown, forcing company profits down. This will have a compounded effect in the economy.
An over stocked economy will force factories to close, resulting in massive unemployment, poverty social unrest and delay any financial recovery.