RE:RE:RE:RE:RE:RE:RE:Deal Closes on or before Dec 8True. One factor also at work here is that few mining companies have the balance sheet and cash flow to make such countercyclical acqisitions. Usually they are procyclical, doubling up on resources when metal prices, and therefore revenues, are high and they are drunk on cash flow and loose credit from equally optimistic banks with EBITDA and LTV covenants. There are also institutional pressures and a herd mentality at work. You can argue it is myopic, but it is the nature of the business, and indeed any capital intensive industry.