Problem
Mining recently began on a new deposit of 10 million metric tons of ore (2% nickel and 4% copper). Annual production of 350,000 metric tons begins this year. The market price of nickel is $3.75 per pound and $0.65 for copper. Mining operation costs are expected to be $0.50 per pound. XYZ Mining Company paid $600 million for the deposits. What is the maximum depletion allowance each year for the mine?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.