"BHP to fallow? Lie dormant?" I don't think so. Not even to follow. BHP's total gold production (176,000 ounces p.a.) is a lucrative byproduct of other operations (copper mining, etc.), accounting for less than 1% of BHP's sales. Nice try.
Just in case the thought given is right gold could see another 10-15% decline and oil is tracing the metals closely. Looks like the $ is the wild card and with world events looks to be going bullish. AL production which has seen drastic over capacity building by China puts pressure on suppliers to lock in on iron ore price early with china then there's this surprise :-/
China finds huge iron ore deposit
BEIJING: China has found a one-billion tonne iron ore deposit , which is the biggest discovery of the mineral since 1980s. This is bound to cause Twitter Facebook Share Email Print Save Comment some worries in India as iron ore accounts for nearly half of Indian exports to China.
This is another jolt after China stepped up efforts to enter into more long-term supply contracts and reduce its dependence on spot market buying from India. Last November, Wuhan Iron & Steel Group, China's third largest steelmaker, inked a long-term supply contract with Venezuela's Corporacion Venezolana de Guayana in order to diversify its raw material sources.