One issue with the mining "services" sector is that commentators often paint it with a broad brush, using pick and shovel type heuristics. This is not a dig at the OP, which I think has started an interesting discussion, but rather a general comment.
My 0.02:
Obviously the exploration, FEED and EPC/M guys are in worlds of pain at ~$100/t Fe2O3 and sub $90/t thermal. This includes guys like BLY, MND, AAX, GNG inter alia.
Production leveraged guys like ASL with its West African /+ Gold exposure and MLD with its niche position will be better off (than the capex leveraged blokes) and maybe ok. Margin pressure will definitely escalate as competition concentrates among the smaller universe of projects and companies think harder about "in-sourcing" to maximise margins.
