"My email of the day (1) that you published on 27-April was meant only to sound a warning on too much reliance on reserve estimates for assessing investment worth. Your comments on the day, and subsequent comments since then acknowledge this. But the debate is obviously a hot one, and after reading the Citi report posted on 28th April, [Ed. this report has now been removed at the request of Citi's Iegal department] offer the following further comments:

Here is pdf of the additional commentary:

My comment - Thank you for this educative commentary which I commend as essential reading for anyone interested in the resources sector.

Eoin Treacy's view Thank you for this educative commentary which I commend as essential reading for anyone interested in the resources sector.

While industrial resources are prone to somewhat more volatility than one might be used to with equities or bonds, and we have seen ample volatility over the last week, they remain in a secular bull market. I share your long-term optimism about the sector and agree that a warning sign of a major ending would be if large cap miners begin to compete with each other to expand production beyond what is justified by demand.