Given the capitulation in the mining services sector, we took the opportunity this past week to visit 3 of the largest engineering/civil contractors in WA

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Given the capitulation in the mining services sector, we took the opportunity this past week to visit 3 of the largest engineering/civil contractors in WA. While we expected the mood to be typically gloomy, we came away with the clear view that we are still some way from the bottom. All three contractors highlighted the lack of large scale projects on the horizon, whether that be in terms of rail, plant or mine. Given the long approval process on large CAPEX projects and the transparency this affords, it is clear that substantially leaner times are ahead. The results over the past 12 months, as challenging as they have been, in no way reflect how difficult the coming year will be. As the large end of town fight for the ever declining pool of work. We currently have nil exposure to this sector and don't intend to adjust this weighting any time soon. @katana


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