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The situation was similar on the big board – the TSX – with MOGS under seemingly relentless pressure. Unfortunately, for mining focused investors by December 31st 2013, mining represented just 10% of the TSX and 33% of the TSX-V as a consequence of shedding C$291 billion and C$31 billion in respective market capitalizations over three years. Whereas, large financial institutions have been TSX darlings; increasing the sector’s equity capitalization by C$178 billion over the same period. Real estate, pipeline & utility, and communications & media sectors also fared well. All four sectors have been beneficiaries of historically low interest rates, high barriers to entry, and investor’s use of perceived safe dividends to substitute lower bond yields. This divergence in performance cannot persist indefinitely. Sufficient supplies of base, industrial, and energy commodities are critical for the development and sustainability of modern societies. China's largest steelmaker Baosteel and Australia’s biggest freight company Aurizon is offering to pay A$3.40 a share in cash, a 39% premium to Aquila’s closing price on Friday.Baosteel currently owns 20% of Aquila. According to Baosteel, the company invested in Aquila in 2009 to help fund its iron ore project and a separate coking coal mine. Aquila is involved in several projects in Australia and South Africa.