At a function hosted by Venmyn Deloitte in Johannesburg last week, Deloitte global mining leader Phil Hopwood, pictured, gave a presentation on the state of the global minerals industry. In it, he made the point that just as the people of the mining industry imagined that prices would go up forever during the resources super cycle, many now imagine that the market will never recover. He said, however, that neither extreme represented the truth. “What is true is that our cycle times are lengthening” – which means that it could take years to adjust to current market forces. “But it’s still a cycle,” Hopwood commented.