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DewDiligence

05/20/12 5:40 PM

#5007 RE: hptaxis #5006

When commodity prices are falling, mining customers have traditionally tried to renegotiate prices and threaten to default on contacts. For investors in mining companies, such actions are clearly bearish; however, it’s a matter of degree and it’s hard to tell from the material you posted whether the recent activity is a blip or a rout.