Copper Demand, page-81

Minerals exploration is a slow process that needs to be methodical with greenfield exploration. The reason primarily is that there aren’t many data points to use to create a model and therefore the initial explorer has to generate a compelling enough model to justify further geophysics etc until ultimately drilling. Drilling isn’t cheap and hence the need to derisk the project enough to get to that point. That model may change numerous times and probably will keep changing until a resource is determined. It can be 5-10 years to get to that point.