Chinese company perfer assets in Africa for many reasons. The financing for mining for top tear producer, media tear producer and exploration company will be quite different. It is hard to see use PE for all mining industry nest year.
Good question - we saw a lot more writedowns with the Q2 results. While writedowns don'f affect cash, I think they serve as a very good reminder for companies to be careful when considering valuations on deals in the sector.
There has been quite a bit of talk of the difference in value expectations between seller and buyers. Several high profile sales by majors have been cancelled or delayed, do you expect this trend to continue?