I totally agree. The lead times, for drillers in particular who...

I totally agree. The lead times, for drillers in particular who are well into the middle of the exploration value chain, is years. But like everyone you would hope to beat the crowd.By the time the traditional signals are clear like junior IPOs, mid-tiers raising capital/issuing debt, arguably the cycle has peaked or is just about to.


This also may be of interest - Rio's presentation at Citi Exploration conference:
http://www.riotinto.com/investors/presentations-91_17600.aspx