That is true. Math time, now that it's no longer 3 AM!
1 pound of iron = 1/2 pound of Mithral. Something made of Mithral is roughly 500 gp more expensive than an equivalent item made of iron. Therefore, a 1 pound block of Mithral should cost 1000 gp 2 sp. HOWEVER, under the Craft skill:
Thus, we need to divide the price by 3. 1000.2/3= 333.4. Therefore, according to my math, 1 pound of raw Mithral should cost 333 gp, 4 sp.Originally Posted by PHB, pg. 70