Management of Mineral Resources: Creating Value in the Mining Business Review

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Management of Mineral Resources: Creating Value in the Mining Business Review"...the main question for the company is whether to exploit, sell, or hold the deposit for future use. Mineral resource management can be seen as the discipline that deals with the required activities to support and make this decision."
This book explains the why, how and who of this fundamental decision faced by mining companies. The author also explains why this should be of vital interest to governments, educational institutions and the struggling shareholders of mining companies. Consequently, this book should be in the hands of anyone involved in, or aspiring to, management at either the operating or corporate level of the minerals industry.
Juan P. Camus explains in plain language the theory and use of cutoff grade optimization techniques developed by people such as Kenneth F. Lane, author of the highly regarded book, "The Economic Definition of Ore". The foreword is written by Ken Lane, who lays a challenge for the next book on this fascinating and fundamental aspect of our industry.
The real-life examples, based upon Juan's personal experience, illustrate how these optimization tools helped create huge value from mineral resources. Following the successful application of these principles of optimization within Codelco, the CEO of the world's largest copper producer is quoted as saying, "In the past, we were doing things right, but it seems that now we are doing the right things." These "right things" contributed well over a billion dollars to Codelco's value and still hundreds of millions more for another large Chilean copper producer. Interestingly, the author points out that the techniques he advocates could apply in other industries.
However, beyond the tools and of at least equal importance, the author reviews organizational theory to propose structures and systems to capture opportunities for value creation, which he contends elude too many players in the mining industry. The author distinguishes between Strategic and Tactical mine planning stages, noting their different objectives, roles, time horizons, technical requirements, the types of people suited to each and their relative value creation potential. The author argues that without the proper systems in place for planning, the value of the mineral resource will be sub-optimal. Not only will the owners' be worse off as a consequence, but so also will governments, suppliers and society at large. Proper management of resources is vital to the mineral industry.
The book can be read relatively quickly, touches upon a wide breadth of knowledge and will leave the reader realizing that value creation in the mineral industry goes well beyond the familiar routines of employing economy of scale and cutting costs. As the author amply illustrates, the value of mineral resources lies very much in the application of intellect and ingenuity.Management of Mineral Resources: Creating Value in the Mining Business Overview

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