``Something like 230 projects with capital costs exceeding $400M are scheduled to be put into production over the next six to seven years. We can physically build only 20--30 of them a year at best, so there's a real bottleneck. This situation will keep the current metals bull market going. So, long term, this is a good place to be; but as Rick pointed out, we've had a really good run. High-risk mining and exploration plays are overvalued, particularly in the junior sector, where success is not guaranteed--yet success is being priced into these companies at multiples''

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