Miners have been massive in the past 12 months. The commodity bull-run has been enormous.

We are still breaking new highs, but I think we are starting to run out of steam.

It's a little bit of a cooling off, but a half percent isn't bad.

Everybody thought it was a done deal on Friday, but now they are not so sure.

It is all M&A fueled. The momentum is very much on the back of M&A stories, but there comes a point where things get too expensive to be taken over.

The guidance is going up and the numbers were above expectations across the board, particularly on the integration of Allied. It's pretty good news all round.