I keep reading that the incentive price to open new copper mines is anywhere between US$6.00/Ib and US$7.50/Ib but more towards to $6 mark. Maybe that's approx inflation adjusted for the price back in 2011.
I must admit I would hate to be a mining exec and putting a proposal to a Board to build a new copper mine, spend $4billion, take 10 years to get into production then hope like hell there is no new substitute and that actually demand holds up. You can see the attractiveness for BHP to go after Anglo American and try acquire currently producing mines.
Cheers......D
June quarter predictions, page-12
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