Ann: Havilah-BHP Kalkaroo Work Program Update, page-50

My experience with mining investment, since 2004, and because I have largely shunned iron ore, with Cu as a major, is that it is cyclical. Far more cyclical than I envisage or am prepared for. Even with around 40 years of investment experience since say 1986. That's being demonstrated for me today, in uranium, where I'm stunned by the strength of the upswing, even though it's in my favour and I've been positioned in it for 5 years. That, even with being trained (schooled) twice, experiencing REE booms in that time.

What I think happens, is that apart from industry-based buyers and hedged fund speculators pushing the price of the commodity up. The retail small stock speculators, rotate their money from the previous hot commodity to that one. E.g. Li to REE or U. Underfunded small caps take the money but just can't absorb it. It becomes like a flash flood.

Now we know copper is going to be in shortage and it's exploration and development is being starved anyway, as those reports above say. Just wait for the worldwind, probably not too far away. HAV is well positioned as a low-risk play. The real question, like mine in a couple of U stocks today, is - how to go anywhere near maximizing profits.
Keep the faith.

All IMVHO.