Don't forget prices still very high by historical standards. Only about four years ago copper was trading at 60-70c/lb. While existing mines will mine ore at lower cutoff grades under current pricing, its doubtful that new projects would have got off the ground unless they could prove profitability at much lower prices.
Most BFSs I have seen still assume long term copper at $1.20-1.50, zinc at 80c or less, nickel at $5.00. The clever ones will have some hedging at high prices and currency hedging as well.
Looks like the easy profits are gone but could turn around very quickly with slight improvement in global demand - supplies are still very tight in most metals.
base metal miners and explorers now high risk , page-5
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