It's a real head-scratcher considering global exploration spending hit a record $10 billion (U.S.) last year, nearly triple the total in 2002 when metals started to take off.

And of course in the absence of the next big find to boost supply, metal prices are only expected to head higher with insatiable demand from China and India.

Industry observers say the problem is that not only are sizeable and higher-grade resources getting much harder to find, but there are also numerous above-ground roadblocks unheard of in the so-called old glory days of scorched earth mine development. They range from political risk and community outreach in developing countries to stringent environmental standards and worker health and safety issues that test the will of even the wiliest of veteran mining giants.

"The cost of exploration has gone up significantly. Companies are finding it hard to get their hands on everything from good geologists to drills," Andrews notes.

Only one in 10,000 prospects actually becomes a mine, and he points out that the time frame from discovery to development is taking much longer because so much stands in the way today.