BHP still has more to fall.
The majors are waiting on Anglo American to reach the point of no return and fail, at which point they'll all start to restrict supply and cause resource prices to rise.
Until Anglo American fails, prices will continue to fall, production will continue to be at 110% and no one will be making a profit.
It's all about driving out the competition (Anglo American) now so that there is more market share for the remaining T1 players when they decide to restrict supply again.
BHP still has more to fall.
IMHO, taking a completely non-analytical approach, I'd say we'll have passed the bottom within 18-24 months.
Mid-2017 will be a good time to be leveraging back into the resource industry, possibly earlier if one has access to good research and information.
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