A contrary view is that exploration and development was at very low levels between 1998 and 2003, so the push for increased production has only just begun. Couple this will a typical lead-time of up to 10 years to get a new mine into production and the picture for commodity prices looks somewhat more rosey.
Today's Australian Financial Review also had some interesting facts about the concentration of commodity production - a handful of big resources companies control the lion's share of production, and therefore are in a good position to maintain high commodity prices in the medium term:
Commodity % output from big-5
Produced in each industry
Iron Ore 85%
I think I'll hold on to my BHP and Rio Tinto stocks for a while longer - especially as they've already come back considerably from the peaks earlier in the year.