As prices for the company's four key "pillar" commodities —iron ore, metallurgical coal, copper and oil and gas — have all dropped to multi-year lows in the past 12 months.
We're not in 2008 – plotting global economic growth against commodity prices shows metals and mining sell-off is disconnected from realities on the ground.
Appian Capital founder Michael Scherb: "You're now seeing the same changes in mining that happened in oil and gas which is now heavily supported by PE"