Mining is both a high risk and a long term business. This is dramatically illustrated by the fact that, on average, the explorer will expend over $30 million in a ten year period for each significant economic discovery._x000D_
The time required to complete the exploration process is one of the most substantial commitments made by any mining company. For example the time lag between the implementation of an exploration programme and an economic discovery is variously estimated to take two to ten years. The ore definition phase following discovery currently takes between two and five years while subsequent mine development may take one to two years in easy situations and up to 8 in difficult environments. In most countries the critical path through the early stages is determined largely by technical considerations but in almost all countries the path through the later phases is dictated by the plethora of permits, licences and community involvement steps.