End of the day Orica is down largely due to macro issues which...

End of the day Orica is down largely due to macro issues which they themselves cannot control but they can run their company as they/we see fit. From what I've observed Orica management have proven themselves quite capable over the long haul.

Orica end of the day is exposed to metals prices which are tanking currently and they are now a pure play mining services company.
Mining is and has been on the nose for some time now.

BHP and RIO putting massive oversupply into the iron ore market (as their shareholders whinge about as well) is IMHO a stupid move that gains no long term benefits for either BHP or RIO.
Putting their competitors out of business and what they then curtail supply and rpices rise? When that happens competitors will just spring up again because the IO price is attractive.
Hence long term it doesn't do a thing.

China slowing down also has people pushing the panic button. However is the China slowdown a crash about to happen or is it more a decline to a more normal 4-6% growth range? Anybodies guess.
But given China is roughly as important as the US to the global order now if America can somehow chuff its way through a GFC i think China will be ok.

In short once forecasts of global growth start to pickup or China shows sustained signs of peddling along at an ok clip of 5-7% growth and Europe ideally shows some signs of stability then come mid 2015 things should re-rate drastically across the board for mining sectors.

End of the day none of the thinking has remotely accomodated India in this. Nahrendra Modi is basically a pro-business zealot whom will want to open up India and pump up that economy as fast as his legs can carry him. India can easily attain 10%+ growth rates if he succeeds and they are going to need materials just as China needed them.

But all of this naturally is prefaced on the world economy not falling in a heap. Which if it does then we won't be the only ones screwed. We just happen to be in the sector with the most stink eyes on it currently.
But thats the time to buy.