World's five largest mining companies together have lost an astonishing $570 billion in market value since 2011–the worst period of performance since 1966.
Iran is opening $29 billion of projects to foreign investors once sanctions are lifted – acquiring new mining equipment and technology is a top priority.
When the instinct is strongest to curl up in a ball and wait out the ravages of the down market is also when smart companies snap up distressed projects and get to work while capital costs are low.