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Sometimes thats a disadvantage I think! I really appreciate the trouble you went to post up those graphs, it was food for thought and made me go and look into the numbers in more detail.

I think one of the things that data is masked by is the massive size of infrastructure growth in the country as a result of the boom, if you look at mining sector production prior to about 2003 and then the massive and incredible growth in production over the next 10 years or so you get a picture of just how much more infrastructure is out there now.

I know from my travelling all over Australia and looking at it the growth has been incredible in the last decade, all over the country in the northern half especially. This infrastructure will need maintenance and replacement and we have yet to see the escalation in that sort of work because most of it is so new.

I dont doubt the sector is still in for a rough ride, but the good companies will pick up work from the ones that cant survive the downturn and then their will be growth in maintenance and replacement as well as a steady stream of construction projects (at a much lower rate).

Have we seen the bottom? Probably some way from it, but I am not looking to find the bottom, I just believe there is a reasonable liklihood of companies like MND & NWH being undervalued at the moment and that I will get a healthy yield while I wait for the price to move back in my favour, I am not in any rush and I certainly wouldnt suggest that there is any quick money to be made in the sector.

Ultimately the rest of the world needs our metals and energy resources and thats not going to change in the forseeable future.