Ring of Fire development to cost big bucks

How much will it cost Cliffs Natural Resources to develop a mine in the Ring of Fire?  Well according to the company's 2012 Capital investment plan it will be over 2 billion dollars.  The company estimates mine development to come in around 150 million dollars, 800 million for a concentrating plant and 1.8 billion for a processing plant.  The company is in a pre-feasibility stage of development and doesn't anticipate any capital investment until 2014.