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The virtues of recession

The market rally in the first half of this year has come as a relief to embattled miners and prompted speculation that the worst is now behind us.

The virtues of recession The virtues of recession The virtues of recession The virtues of recession The virtues of recession

Mining operations are yet to make the cuts necessary to simulate a sustained price recovery (image: BHP Billiton)

While it is entirely possible that prices have passed their low point, it does not follow from this that a sustainable recovery is imminent or that the supply side adjustment is complete. More l...

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