BHP owns the Olympic Dam mine (world's largest). PDN may have...

BHP owns the Olympic Dam mine (world's largest). PDN may have considerable resources but it only has the two mines developed in Africa and both run at a loss. LHM was touted to have a 20 year lifespan but the ore is low grade. Kayelekera (under C&M) has slightly higher grade ore but shorter lifespan and needs spot over $70 for profit. The remainder of PDN's prospects in Australia and Michelin in Canada have not been developed. ERA has $1-2B worth of high grade ore mined and on surface ready for processing. World wide there may be 8 years supply of ore stockpiled on surface awaiting adequate spot price for release onto the market. If spot price goes up, as these stockpiles become profitable their release onto the market will tend to hold the spot price back.