“In fact, it’s going to get worse,” he said.

In a depressing speech, Casey outlined the reasons why mining was on a “slippery slope”

The main reason was that all the easy deposits have already been found and mined.

“Increasingly we’re looking for junk deposits,” Casey said.

He said technology might help in the future to improve uneconomic deposits.

“For conventional mining, the easy stuff has been found.”

Environmental and permitting was another reason mining is on downward trajectory, as well as NGOs.

“They’re funded by guilty, stupid people who go out and make people’s lives miserable,” Casey said.

He said mining companies were now spending more money on lawyers than geologists.

Another major disadvantage for mining was that investments were made in immovable assets, making companies “sitting ducks” for governments, Casey said.

According to Casey, space exploration is the future of mining.

“The next big mining is going to be in the asteroid belt, not on earth,” he said.

He said only biotechnology and nanotechnology could save the mining business on earth.

Casey said that gold would benefit from the current global economic situation, where there were massive bubbles forming.

He noted the high number of junior mining stocks trading at below cash backing.

“I advise you to buy these crappy little mining stocks,” he said.