Yes and add to those mining costs the high cost of getting the permits to develop a mine. Those invested in SIRG know getting the required permits takes time, expertise and money and that is for a pre-existing mine with proven ore reserves.
Permits for a new mining operation can and do take years, often 5 to 10! Most companies fail because they cannot survive that long.
Read about Resolution Copper: December 3, 2012 - and this was to be a huge mine developed by the big boys!
Resolution Copper Mining LLC announced today it will cut 75 percent of its 530-person plus workforce at its proposed Superior mine.
Resolution will also cuts its budget by $200 million and at least temporarily suspend shaft development and drilling.
Resolution is an arm of U.K.-based Rio Tinto PLC as well as Australia’s BHP Billiton.
The mining company has been looking to develop a new copper mine near Superior since 2005 .
But the land exchange bill needed for the Resolution mine to move forward has been stalled year after year in Congress. U.S. Rep. Raul Grjalva , D-Ariz., has opposed the mine as have some Indian tribes and environmentalists.
