Max Kaiser isn't stupid, but he doesn't have an clue to all the dynamics of resource extraction.
What isn't taken into account is the cost of resource extraction or doing business in very unstable locations and countries. Just look at what it costs to secure Iraq, Kuwait, Saudi Arabia from fundamentalists. It's an lot less expensive to produce domestically with higher wages than it is to import with very high backend cost of security.
I know a little about the resource extraction industry as I work in deep underground metal mining and mining startups and projects.
