south america focus is killing TID Ditto for Calmena. South American economies depend on mining as the key drivers for their economiies. With many major mining companies having stretched balance sheets and the desire to right size production for economic sustainability, rather than super producing with minimal profits ,companies with big exposure here will be hurting. This can change rapidly depending on commodity prices but the big major miners are not interested in megaprojects any time soon. They over paid for suspect assets and took on too much debt. This is a 2014 or 2015 story. We need to see miners stick to the knitting, curtail supply, boost prices to ensure sustainability.
The balance sheet here scares me the most. The rig utilization is simply not there in the Americas. however just like many pundits wrote off natural gas last Spring, the spot price has doubled this Spring because production has been taken off. Once base metal and precious metal prices improve this could be a good place to rebound, the question is if TID can hang in there for a few more anemic quarters.