How Big Miners Are Reliving the Late 90’s Bust: Steve Todoruk
Thursday, October 16, 2014 at 7:16PM
Uranium Stocks
Thursday, October 16, 2014
Henry Bonner

It looks like the late 90’s are back in vogue in the mining industry.

Steve Todoruk, a mining veteran who joined Rick Rule in 2003 at Sprott Global Resource Investments Ltd. says he’s seeing some key similarities between today and the last big bear market for resource stocks, which lasted from around 1998 to 2001. Many of today’s mining legends made their reputation and their fortune during that time.

See Steve’s latest note below:

The last time we saw this happen was in the late 1990’s.

Gold was around $300 per ounce1; silver was near $62; and copper was $0.603 a pound.

Commodity prices had fallen so much that big miners were producing near or below the sale price of their product. In some cases, the more they produced the more money they lost.

Many mines had been shut down or were in the process of closing due to their inability to produce a profit.4

Copper miners needed around $1.10 per pound to make a decent profit. At $0.60 these companies were losing their shirts.

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