3 years ago mining engineering/service stks were plunging 6-10%...

3 years ago mining engineering/service stks were plunging 6-10% a day!!! It was horrific and many shares lost 60-70% of value in a 6 week period. Some lost over 85%. I can't think of one stk in this sector that wasn't decimated. Fundamentals stood for very little. Sentiment was lousy and selling was massive. ASL hit an intra-day low of 67.5c in March 2009 despite the dividend being similar to what it is now! Until we get resolution in Europe confidence will not return to mkts.Hence, possibility of another fall in this sector is very real. Generally companies have less debt so another collapse will not be as severe, but what is likely? I see mining contruction firms falling to PE of 4.5-6.0. Those with massive oder books will do better. Mining service stks with wealthy clients will hold-up better but desparate competition for business will see margins slashed. ASL still has a decent lump of debt counterbalanced by repetive income. I wish its capex would stop completely and Wal King's addition to board makes this less likely. Hence, i see ASL on fwd PE of 6.5-8. I like the company but will wait for SP to drop significantly before buying. Afterall, when the slide stops we won't see a V shaped rally. Instead any recovery will be long and slow. Base metals look very weak. So far bulk commodities have held-up. Risk is to downside. Be patient imo. $2.20 not inconceivable even whilst cum-dividend. POG impossible to forecast.