However, there is a way to get exposure to the industry with a smoother ride.
The ASX is fortunate enough to have a few mining services providers listed. These businesses provide outsourced labour for clients in the resources industry.
While these stocks obviously have their fortunes linked to the mining industry, their contracts shift from one commodity to another depending on where the demand moves.
There are two mining services providers that I currently think are worthy of adding to the portfolio.
More earnings growth coming
Mader Group Ltd (ASX: MAD) shares have already rocketed 82% so far this year.
But with it cooling off more than 14% since mid-September, I think it has the legs to fly higher over the coming years.
The global economy is at a low part of the cycle, with steep interest rate rises taking a toll on demand in western countries. Over in China, rates are low but only because it is trying to stimulate a moribund economy.
The idea is that, in one or two years' time, the economy can only be better from here.
And when the economy improves, demand for goods pick up, and mineral prices rise.
The team at QVG liked what it saw from Mader Group back in reporting season.
"Mader delivered 48% earnings growth and backed it up by guiding to another 30% growth next financial year," read its memo to clients.
"Guidance given so early in the financial year needs to be conservative and suggests they continue [to] win work in their key markets."
According to CMC Markets, four of the five analysts currently covering the $1.3 billion business reckon its shares are a buy.
The mining services stock handing out 6.5% yield
The share price is down 9% since the start of the year, presenting an attractive entry point.
While the share price is down in recent times, over the longer run it has delivered. For example, since 2 July 2021, NWH has rocketed 71.6%.
If you had bought NRW shares back then, you'd be raking in a sensational dividend yield of 12.5% now.
So, for the long-term investor, it could be prudent to get in on this action while the stock is down.
I'm not the only one thinking along these lines. Eight out of nine analysts surveyed on CMC Markets currently rate NWR shares as a buy.