It is not just looking more than a little sad for oil producers. Equally for the iron ore producers it has been an average time. No, not average, awful. And believe it or not, Anglo American, according to this Reuters article (which I found via a Google alert from Creamer Engineering news) -> Anglo American gets operating permit for Brazil iron ore project. See that chaps? Bought it for 5.5 billion Dollars from Eike Batista (the story calls him Brazilian billionaire Bike Batista, needs an update), sank/is sinking another 8.8 billion Dollars into the project and then saw it run around five years later than anticipated.
For Anglo, with a current market capitalisation of 19 billion Pounds (nearly 31 billion Dollars), this represents nearly half of their market cap and has been a disaster. As you can see from the article, the company expects to be shipping around 26.5 million tons in 2016, following around 11 to 15 million tons next year. At the point where the iron ore price has taken a heavy hit. Wow, the perfect (very bad) storm for Anglo in this project. China shifting to consumption over breakneck building (still huge producers and builders) has had a marked impact on global miners. We continue to avoid Anglo and at current levels even think it is overvalued.