Who will be the first to benefit when ore turns, page-66

I never understood what the point is to blame bhp/rio for the demise of the high cost low grade miners.
During the height of the demand boom did you see the big boys competing in this small space. They have lived through the cyclical nature of a downturn and have prepared for this eventuality hence they are only interested in world class tier 1 assets.

Now we know who is swimming naked with the receding tide.