You're correct, they got their investment cycle wrong. Mining is a cyclical industry and especially commodities such as lithium. They paid top dollar for assets at the peak of the cycle instead of purchasing them at the bottom. Now that they're so debt leveraged, it's amplifying things even more.
Northern Star and FMG are great examples of companies that invested heavily during a downturn and went on to reap the benefits. Lithium and iron ore will bounce back in the next cycle, but many companies will still go on to repeat the same mistakes.
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