Mining Economics and Strategy | Society for Mining Metallurgy and Exploration - Ian Runge

Mining used to be a business primarily focused on the technical aspects of getting valuable ore out of the ground and extracting the minerals in a metallurgically efficient way. Although the importance of these skills cannot be denied, a narrow focus on technical issues is no longer sufficient to guarantee success, even in the richest orebodies.

Skill in economics is an essential partner to technical skill in every step of the mining process. The economic way of thinking starts from before the first drillhole is put in the ground. It includes not just the most economic way of mining, but also the most economic way of going about assessing mining projects. It directs mining strategy and takes equal notice of the forces of world progress and the forces governing individual human action.

The scope of this book includes what is meant by a costeffective mining scheme. It includes the economics of information, as well as the procedures for rational evaluation of mining projects under uncertainty. It reexamines the definition of ore from an economic perspective. In particular, it specifically considers the economic influence of scheduling on ore reserves.

This book addresses discounted cash flow (DCF) techniques-- the most widely used evaluation technique for investment decision making--in detail. Although this technique has been known and used in the mineral industry for decades, the widespread use of spreadsheets has been a feature of DCF evaluations only since the mid-1980s. The assumption of the use of spreadsheets is a significant point of differentiation in this text from previous mining-focused economics texts. It means that more meaningful examples can be included. Formulas developed to overcome previous computational difficulties have been omitted. Further, examples in the text are available in spreadsheet format.1 The application of DCF techniques in an operating mine environment is given expanded coverage, and examples are drawn from real-life studies.

The differences between economic decision making--a forwardlooking task--and the reporting of results via accounting methods--a historical or backward-looking activity--are reviewed. Nevertheless, it is not the intent in this book to provide a comprehensive coverage of general economics or corporate finance principles. (The book is intended as a standalone text in mining economics and strategy; however, for corporate finance issues of a generalized nature, a text such as Brealey and Myers [1991] is highly recommended.) This book gives extensive coverage to capital and to decision-making procedures associated with capital investments in a risk environment. Comprehensive case studies for capital investment in an operating mine are included.

Libro | PDF | 15.6 MB | 374 páginas | Inglés

Autor: Society for Mining Metallurgy and Exploration | Ian Runge 

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