Mining as most world economics go in cycles.
If you start thinking of doing something when everyone knows that the cycle has started then you are behind the times. Investment money that you hope to get has mostly been commited and bty the time you get financing, by that time it costs more, then others are not only financed but are already building.
Finally by the time you build others have already done so and cornered a fair portion of the available market.
Sum of above = You are snookered.
As Herb says, one has to be aware of the timing cycles. Unfortunately our governments do not work with them.

Thanks Herb, Ed G.