For mining companies, the drop in commodities prices earlier this year has been, ironically, good long-term news. True, in the short term earnings have suffered and share prices have tanked. The FTSE 350 Mining Index was down 45 per cent between August 2008 and January this year.

But amid all the negative news there was, nonetheless, an encouraging clue about the limits of China’s domestic commodities output that paints a brighter outlook for the natural resources sector.