My thoughts exactly. 15 times earnings is not cheap historically - it is average. Just as you said, cheap is 7 times earnings.

Moreover, earnings are dropping. That will boost the P/E, making it even higher. There will be reversion to the mean. It is not 'different this time'.

Thankfully, mining stocks often move contrary to the general market. Exploration stocks don't have earnings so P/E doesn't measure them anyways. Commodities are still at high prices, but the exploration stocks are cheap.