Joe Friday

Some True Safe Havens Are Still (Surprisingly) Undervalued

Note that it takes many years to bring a mine into production, and a lot of capital. Shutting down a mine in light of a fall in commodity prices is a very expensive decision. A company would not typically take such a decision, unless it comes to the conclusion that the commodity price has fallen below its cost of production, and the pricing for that commodity will remain suppressed for a long period of time (the losses from continued operation will be greater than the cost of shut down and subsequent start up when prices recover)
There have been a few mining closures during the last few months, and many more will follow if the commodity pricing complex remains suppressed. Naturally, these decision will result in reduced supply, which will lead to increased pricing, and so on. These cyles play out over many years however, and you may need to wait a few years for your thesis to pay off.