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Ma
ny t
in m
ine p
roje
cts
are
base
d in
de
ve
lope
d n
atio
ns, th
at h
ave
a m
inin
g h
erita
ge
, su
ch a
s A
ustr
alia
an
d C
ana
da
an
d
va
riou
s c
ou
ntr
ies in
Eu
rop
e. C
learly w
hen
it co
me
s to
co
sts
deve
lopin
g n
atio
ns h
ave
a b
ig a
dva
nta
ge
in
la
bo
ur
rate
s, w
hic
h
und
erlie
s m
uch o
f th
e th
eo
ry b
eh
ind g
loba
lisa
tion
and
th
e r
eba
lancin
g o
f th
e w
orld e
con
om
y. H
ow
eve
r a
s w
e p
revio
usly
dis
cu
ssed
allu
via
l o
pe
ratio
ns a
ren
’t r
eally
aff
ecte
d m
uch b
y la
bo
ur
rate
s, its f
uel t
hat is
ke
y. It
is t
he h
ard
ro
ck o
pe
ratio
ns
that a
re m
ore
vu
lnera
ble
to
la
bo
ur
co
sts
. A
s s
uch th
e g
eog
raph
ica
l e
lem
en
t o
f th
e a
na
lysis
fo
cuse
s o
n n
ot o
nly
how
qu
ickly
gra
de
s a
re d
eclin
ing
in
Asia
, co
mp
are
d to
re
sou
rce
gra
de
s a
t p
ote
ntia
l h
ard
ro
ck p
roje
cts
in
th
e d
eve
lope
d w
orld
. B
ut a
lso
how
qu
ickly
fu
el p
rices a
re r
isin
g in
th
e d
eve
lopin
g w
orld c
om
pa
red
to
how
qu
ickly
la
bo
ur
co
sts
are
ris
ing
in
th
e d
eve
lope
d
wo
rld.
Th
e G
FC
me
an
s th
at la
bo
ur
rate
s (
exce
pt p
erh
ap
s A
ustr
alia
) in
th
e d
eve
lope
d w
orld a
re lik
ely
to
be f
airly
sta
gn
an
t,
how
eve
r fu
el p
rices s
eem
lik
ely
to
co
ntin
ue
ris
ing
. F
or
the h
ard
ro
ck a
rtis
ana
l m
iners
in
So
uth
Am
erica, it is m
ore
an issu
e
of d
eve
lopin
g w
orld la
bo
ur
rate
incre
ase
s v
ers
us d
eve
lope
d w
orld la
bo
ur
rate
incre
ase
s. W
hils
t th
e d
eve
lopin
g w
orld
ope
ratio
ns a
re c
urr
ently m
uch c
hea
pe
r, c
osts
will
ris
e f
aste
r, a
nd
th
is w
ill o
nly
be c
om
po
und
ed
by f
alli
ng
gra
de
s in
th
ese
reg
ions. T
his
is a
lso
a c
ritica
l fa
cto
r fo
r th
e h
ard
ro
ck p
rod
uction
in
Chin
a, w
hic
h w
e s
ee
as s
talli
ng
ra
the
r th
an
gro
win
g
part
ly d
ue
to
th
ese
co
st in
cre
ase
s a
nd
part
ly d
ue
to
go
ve
rnm
ent p
olic
y t
o r
edu
ce th
e a
mo
un
t o
f m
inin
g a
nd
in
cre
ase
im
port
s
in g
ene
ral.
