From Northern Dynasty's "Message from the President"...(thanks Lief)...my ehphasis

"The global minerals industry is facing serious financial
challenges today, as a result of scarce capital, weaker
commodity prices and investor dissatisfaction. But mining is a
notoriously cyclical business, such that the next great surge in
mineral commodity prices and mining investment is being sown
in the current bear market environment.
This market inevitability is brought starkly to light in recent
comments from Rio Tinto, which predicts an 8-9 million tonne
global copper supply deficit by 2025. That’s the equivalent of 20
new mines with annual copper production on par with Pebble."

http://www.northerndynastyminerals.com/i/pdf/ndm/NDM_MessagefromPresident_Dec2013.pdf

Good night - PR