"New mines and expansions of existing ones are being postponed by rising costs and licensing delays. Morgan Stanley cut its forecast for export supply by 9.6% since October 2011 and expects a 99 million tonnes deficit in the seaborne market this year, at least the ninth consecutive annual shortage. Vale will report its second biggest profit ever this year, the mean of 11 analyst estimates copiled by Bloomberg shows."

Yep -it takes even the big boys 2 or 3 years to get a new mine up and running