Your SlideShare is downloading. ×
Why is developing a new mine so difficult? - Oct 2013 - John P Sykes - Centre for Exploration Targeting / Curtin University / University of Western Australia
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Why is developing a new mine so difficult? - Oct 2013 - John P Sykes - Centre for Exploration Targeting / Curtin University / University of Western Australia

2,408

Published on

Published in: Business, Technology
0 Comments
2 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
2,408
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
63
Comments
0
Likes
2
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. WHY IS DEVELOPING A NEW MINE SO DIFFICULT? John P. Sykes Centre for Exploration Targeting Provisional PhD Candidate, Department of Mineral & Energy Economics, Curtin Graduate School of Business Adjunct Research Fellow, Department of Geology & Geography, University of Western Australia Email: johnpaul.sykes@curtin.postgrad.edu.au
  • 2. Abstract “Globally there have been problems in bringing new mine capacity on stream. With little new greenfields exploration taking place at this time, the pipeline of high-quality mine projects is not being replenished. The problem for the mining industry is that minerals exploration takes place over long timescales, however, “success” is judged along much shorter timescales. Addressing this paradox is a challenge for all in minerals exploration management. This study has sought to address this topic by building on the author’s tacit knowledge, gained through experience in the mining industry, combined with a review of the business management and strategy literature. Emergent from this research are multiple ways for examining mining industry problems and a new approach to developing high-level strategies for facilitating minerals exploration.” Why is developing a new mine so difficult? Slide 2 of 48 15 October 2013
  • 3. Contents • Background: a ‘discovery constrained’ mining industry • A little bit on research philosophy & methodology • Wasting assets & limited exploration search space • Beginning with the end in mind • Differing incentives of industry actors • Focus on Horizon 2 • Sustainable mining? • Changing value drivers with development stage • Conclusions and further research Why is developing a new mine so difficult? Slide 3 of 48 15 October 2013
  • 4. Section 1 Why is developing a new mine so difficult? Background: a ‘discovery constrained’ mining industry Why is developing a new mine so difficult? Slide 4 of 48 15 October 2013
  • 5. Commodity prices at 50+ year highs Figure 1. Cumulative Changes in Prices Relative to the Long-Run Trend Commodity Cumulative change in price from 1950 Copper 24.04% Nickel 39.00% Chromium 206.01% Iron Ore 34.80% Manganese 77.11% Potash 26.72% Gold 206.05% Silver 123.68% Chart: Jacks (2013) Metal and mineral commodities with half century real price highs selected from Jacks (2013) Why is developing a new mine so difficult? Slide 5 of 48 15 October 2013
  • 6. Growing resources indicates a development problem? Figure 2. Years of reserves until depletion based on current mine production Commodity Years until depletion Copper Nickel Chromium Iron Ore Manganese Potash Gold Silver 40.0 years 35.7 years >19.2 years 56.7 years 39.4 years 279.4 years 19.3 years 22.5 years Calculations based on USGS 2013 estimates of global reserves and mine production, from Edelstein (2013), Kuck (2013), Papp (2013), Tuck (2013), Corathers (2013), Jasinski (2013) and George (2013a, 2013b) “…the primary factors that govern whether a given project is developed will be social, economic, and environmental in nature.” - Mudd, Weng, & Jowitt, 2013 Why is developing a new mine so difficult? Slide 6 of 48 15 October 2013
  • 7. Resources don’t have to be economic! Substantial portions of Australian mineral resources may not be economic “economic under current or immediately foreseeable circumstances” and may “provide a potentially misleading perspective on the future health of Australia’s precious and base metals mining industry” - Cairns, Hronsky, and Schodde, 2010 Consideration of mining, processing, metallurgical, economic, marketing, legal, environmental, infrastructure, social and government factors (the “modifying factors”) PROVEN RESERVE PROBABLE RESERVE “reasonable prospects for eventual economic extraction” - JORC Code, 2012 MEASURED RESOURCE INDICATED RESOURCE Why is developing a new mine so difficult? Slide 7 of 48 Mineral resource: 15 October 2013 INFERRED RESOURCE
  • 8. Discovery problem caused by time paradox “…disconnect between the very short term focus of the risk capital market compared to the longer term gestation period required for well-conceived greenfields exploration programmes…” - Cairns, Hronsky, and Schodde, 2010 Why is developing a new mine so difficult? Slide 8 of 48 15 October 2013
  • 9. Section 2 Why is developing a new mine so difficult? A little bit on research philosophy & methodology Why is developing a new mine so difficult? Slide 9 of 48 15 October 2013
  • 10. Minerals, economics and consultancy INDUSTRY Observe Interpret Disaggregate Focus Theorise MINERAL ECONOMICS Explicit knowledge, Theory, Broad? Objectivity? ACADEMIA Geology, Engineering, Science, Technical Why is developing a new mine so difficult? Slide 10 of 48 Tacit knowledge, Practice, Results, Focus? Subjectivity? 15 October 2013 Classical economics, Microeconomics, Decision Theory, Finance, Concept Sources: Frodeman (1995), Maxwell & Guj (2013)
  • 11. Section 3 Why is developing a new mine so difficult? Wasting assets & limited exploration search space Why is developing a new mine so difficult? Slide 11 of 48 15 October 2013
  • 12. Wasting assets and constant renewal “Earth rise” from Apollo 11 Image: The Guardian/NASA Old Geevor tin mine, Cornwall, UK, operated late 18th century to 1990 Why is developing a new mine so difficult? Slide 12 of 48 15 October 2013
  • 13. Limited search space, infinite concepts Sources: Hronsky & Wellborn (2013), Hronsky (2009) Why is developing a new mine so difficult? Slide 13 of 48 15 October 2013
  • 14. Section 4 Why is developing a new mine so difficult? Beginning with the end in mind Why is developing a new mine so difficult? Slide 14 of 48 15 October 2013
  • 15. Overcoming “active inertia” Source: Sull (1999) Habit 2: “Begin with the End in Mind” - Stephen R. Covey NB: Stephen Covey does not endorse this presentation. However, I do endorse his book! Why is developing a new mine so difficult? Slide 15 of 48 15 October 2013 Source: www.stephencovey.com Image: www.amazon.com
  • 16. Life-cycle of a mine project DEVELOPMENT MINING EXPLORATION Value High Risk – High Potential Lowered risk Full Value Speculators Leave Speculation Orphan Period Institutional Investment Concept Exploration Discovery Economics Time Why is developing a new mine so difficult? Slide 16 of 48 15 October 2013 Development Mining Source: Cook (2010)
  • 17. What makes a successful mine project? “Mineable” “Undevelopable” (usually get stuck in the economics) Success “Unmineable” (usually discovered at the production stage) Why is developing a new mine so difficult? Slide 17 of 48 15 October 2013 “Undiscoverable” (we tend not to find these!)
  • 18. Section 5 Why is developing a new mine so difficult? Differing incentives of industry actors Why is developing a new mine so difficult? Slide 18 of 48 15 October 2013
  • 19. McKinsey’s 3 Horizons of Growth Source: Coley (2009), Baghai, Coley, and White (1999) Profit Horizon 3 Create viable options Horizon 2 Build emerging businesses Horizon 1 Extend and defend core businesses Time (years) Why is developing a new mine so difficult? Slide 19 of 48 15 October 2013
  • 20. Differing risk horizons? Source: Trench & Packey (2012) Majors better at handling this? Technical Risk Juniors better at handling this? Risk Corporate Risk Why is developing a new mine so difficult? Slide 20 of 48 15 October 2013
  • 21. The development “space” appears to be smaller More “undevelopable” projects (many getting stuck in the economics) “Mineable” “Undiscoverable” (we tend not to find these anyway) Less success? Fewer “Unmineable” projects (only the best make it into production) Why is developing a new mine so difficult? Slide 21 of 48 15 October 2013
  • 22. Development triangle for global copper projects Raw Prospects & Early Exploration: 2,759 projects Advanced Exploration: 633 projects PreFeasibility: 72 Feasibility: 84 projects projects Development: 63 projects Data: Infomine (2013) Why is developing a new mine so difficult? Slide 22 of 48 15 October 2013
  • 23. Section 6 Why is developing a new mine so difficult? Focus on Horizon 2 Why is developing a new mine so difficult? Slide 23 of 48 15 October 2013
  • 24. Life cycle “bow-tie” for global copper mines & projects Developmen t: 63 projects Feasibility: 72 projects Pre- Feasibility: 84 projects Advanced Exploration: 633 projects Raw Prospects & Early Exploration: 2,759 projects Development “niche” point (“Barrier to entry”) Production & Recently Closed: 566 mines Data: Infomine (2013), Ali (2010) & Manning (1998) Why is developing a new mine so difficult? Slide 24 of 48 15 October 2013 Long Closed: 100,000s mines?
  • 25. Development criteria narrowing the exploration search space Miners looking to buy advanced projects should seek projects in the “developable” space that plots onto the “mineable” space. Explorationists should target “developable” space plotting onto exploration search space 3D Truncated Cones courtesy of Nova Scotia Learning Resources and Technology Resources (2013) Wide Exploration Search Space Narrow “Developable” Space Why is developing a new mine so difficult? Slide 25 of 48 15 October 2013 Wide “Mineable” Space
  • 26. Section 7 Why is developing a new mine so difficult? Sustainable mining? Why is developing a new mine so difficult? Slide 26 of 48 15 October 2013
  • 27. Modern “Wonders of the World”? “…meeting the needs of the present without compromising the ability of future generations to meet their own needs…” - World Commission on Environment & Development (1987) Source: Martin & Morrison (2012) Why is developing a new mine so difficult? Slide 27 of 48 15 October 2013
  • 28. A successful mine project is a sustainable one? “Undevelopable” (usually get stuck in the economics) “Unsustainable” (problems significant postproduction) Success “Unexplorable” (we tend not to find these) “Unmineable” (usually discovered at the production stage) Why is developing a new mine so difficult? Slide 28 of 48 15 October 2013
  • 29. Section 8 Why is developing a new mine so difficult? Changing value drivers with development stage Why is developing a new mine so difficult? Slide 29 of 48 15 October 2013
  • 30. Research, Development, Market Exploration Development Mining Research Development Market Why is developing a new mine so difficult? Slide 30 of 48 15 October 2013
  • 31. Global development competiveness Source: Schwab (2013) Why is developing a new mine so difficult? Slide 31 of 48 15 October 2013
  • 32. A development stage based profile Source: Schwab (2013) Why is developing a new mine so difficult? Slide 32 of 48 15 October 2013
  • 33. “Active waiting” as a mine exploration strategy Source: Sull (2005) Why is developing a new mine so difficult? Slide 33 of 48 15 October 2013
  • 34. Section 9 Why is developing a new mine so difficult? Conclusions and further research Why is developing a new mine so difficult? Slide 34 of 48 15 October 2013
  • 35. De-risking as value drivers Source: Trench & Packey (2012) Majors better at handling this? Technical Risk Juniors better at handling this? Risk Corporate Risk Why is developing a new mine so difficult? Slide 35 of 48 15 October 2013
  • 36. Uncertainty & risk value drivers Sources: Hronsky & Wellborn (2013), Guj (2013) Why is developing a new mine so difficult? Slide 36 of 48 15 October 2013
  • 37. Life-cycle of a mine project DEVELOPMENT MINING EXPLORATION Value High Risk – High Potential Lowered risk Full Value Speculators Leave Speculation Orphan Period Uncertainty driven Risk driven Institutional Investment Concept Exploration Discovery Economics Time Why is developing a new mine so difficult? Slide 37 of 48 15 October 2013 Development Mining Source: Cook (2010)
  • 38. Conclusions • Why are mine projects so difficult? • Finiteness, time & methodological paradoxes • Moving into new “search space” – concept, proactivity, “Beginning with the End in Mind” • Development stages – “3 Horizons of Growth” • Problems with “Horizon 2” – development • Dealing with sustainability development • Both conceptual & analytical approaches suggest the same framework Why is developing a new mine so difficult? Slide 38 of 48 15 October 2013
  • 39. BUT (or “further research”) • What are all the factors that affect mine projects? • How do we deal with time (again)? • How do we go from “concept” to the “real world”? “Be a philosopher; but, amidst all your philosophy, be still a man” – David Hume, An Enquiry Concerning Human Understanding, 1748 Why is developing a new mine so difficult? Slide 39 of 48 15 October 2013
  • 40. Acknowledgements • Curtin International Postgraduate Research Scholarship • Centre for Exploration Targeting, Curtin Graduate School of Business & University of Western Australia • Professors Daniel Packey, Allan Trench, Campbell McCuaig, Jon Hronsky, Richard Schodde & Pietro Guj • Fellow PhD students Jon Bell & Atul Chandra • Mike Gershon (friend/amateur philosopher) & Kataryna Sykes (wife/editor) The author respectfully acknowledges the Indigenous Elders, custodians, their descendants and kin of this land past and present. Why is developing a new mine so difficult? Slide 40 of 48 15 October 2013
  • 41. References [1] • • • • • • • • • • • • Ali, Saleem H. 2010. Treasures of the Earth: Need, Greed, and a Sustainable Future. New Haven, USA: Yale University Press. Allen, Robert C. 2011. Global Economic History: A Very Short Introduction. New York, USA: Oxford University Press. Baghai, Mehrdad. 2007. "Letters to the Editor: To Succeed in the Long Term, Focus on the Middle Term." 85: 145-146. Baghai, Mehrdad, Stephen Coley, and David White. 1999. The Alchemy of Growth. New York, USA: Perseus Books Group. Banks, Jim. 2010. "Famine or Feast?: Asia's Insatiable Appetite for Commodities." The Banker. Cairns, Chris, Jon Hronsky, and Richard Schodde. 2010. Market Failure in the Australian Mineral Exploration Industry: The Case for Fiscal Incentives. Perth, Australia: Australian Institute of Geoscientists. Canadian Institute of Mining. 2011. Standards & Guidelines for Reserves & Resources: National Instrument 43-101. Accessed 4 March, http://web.cim.org/standards/MenuPage.cfm?sections=177,181&menu=229. Coley, Stephen. 2009. "Enduring Ideas: The Three Horizons of Growth (Interactive Presentation & Audio File)." McKinsey Quarterly 4: 112. http://www.mckinsey.com/insights/strategy/enduring_ideas_the_three_horizons_of_growth. Comet, Paul A. 1996. "Geological Reasoning: Geology as an Interpretive and Historical Science: Discussion." Geological Society of America Bulletin 108 (11): 1508-1510. doi: 10.1130/0016-7606(1996)108<1508:grgaai>2.3.co;2. Committee for Mineral Reserves International Reporting Standards (CRISCO). 2013. International Reporting Template for the Public Reporting of Exploration Results, Mineral Resources and Minerals Reserves. London, UK: International Council of Mining & Metals (ICMM). http://www.crirsco.com/crirsco_template_may2013.pdf. Cook, Brent. 2010. "Gold Miners & Explorers Face Serious Supply Problems." The Gold Report, 28 June. http://www.theaureport.com/pub/na/6656. Corathers, Lisa A. 2013. Mineral Commodity Summaries: Manganese. Reston, USA: United States Geological Survey (USGS). http://minerals.usgs.gov/minerals/pubs/commodity/manganese/mcs-2013-manga.pdf. Why is developing a new mine so difficult? Slide 41 of 48 15 October 2013
  • 42. References [2] • • • • • • • • • • • • • Covey, Stephen R. 1989. The 7 Habits of Highly Effective People: Restoring the Character Ethic. New York, USA: Free Press. Coyle, Jackey. 2013. Resources: Stay or Go? The Strategic Super Investor, 74-76. Crowson, Phillip. 2012. "Some Observations on Copper Yields and Ore Grades." Resources Policy 37 (1): 59-72. doi: http://dx.doi.org/10.1016/j.resourpol.2011.12.004. ———. 2013. "Chapter 7: Mineral Markets, Prices and the Recent Performance of the Minerals and Energy Sector." In Monograph 29: Mineral Economics, eds Philip Maxwell and Pietro Guj, 79-107. Melbourne, Australia: Australian Institute of Mining & Metallurgy. Dasgupta, Partha. 2007. Economics: A Very Short Introduction. New York, USA: Oxford University Press. Duckworth, David, and John P. Sykes. 2008. Copper - Benchmarking Supply Projects. London, UK: CRU Analysis. ———. 2009. Copper Mine Project Profiles. London, UK. Duckworth, David, John P. Sykes, Paul Robinson, Eleni Joannides, Christine Meilton, Paul Settles, Alicia Polo Y La Borda et al. 2009. Copper: The Long Term Outlook. London, UK: CRU Analysis. Duckworth, David, Allan Trench, Paul Robinson, Jon Barnes, Eleni Joannides, Christine Meilton, Ruth Chapman et al. 2008. Copper: The Long Term Outlook. London, UK: CRU Analysis. Edelstein, Daniel L. 2013. Mineral Commodity Summaries: Copper. Reston, USA: United States Geological Survey (USGS). http://minerals.usgs.gov/minerals/pubs/commodity/copper/mcs-2013-coppe.pdf. Eggert, Roderick. 2013. "Chapter 13: Mining, Sustainability and Sustainable Development." In Monograph 29: Mineral Economics, eds Philip Maxwell and Pietro Guj, 215-230. Melbourne, Australia: Australian Institute of Mining & Metallurgy. Eggert, Roderick G. 2001. Mining and Economic Sustainability: National Economies and Local Communities. Golden, USA: Colorado School of Mines. Friga, Paul N. 2009. The Mckinsey Engagement: A Powerful Toolkit for More Effecient & Effective Team Problem Solving. New York, USA: McGraw Hill. Why is developing a new mine so difficult? Slide 42 of 48 15 October 2013
  • 43. References [3] • • • • • • • • • • Friga, Paul N. 2009. The Mckinsey Engagement: A Powerful Toolkit for More Effecient & Effective Team Problem Solving. New York, USA: McGraw Hill. Frodeman, Robert. 1995. "Geological Reasoning: Geology as an Interpretive and Historical Science." Geological Society of America Bulletin 107 (8): 960-968. doi: 10.1130/0016-7606(1995)107<0960:grgaai>2.3.co;2. George, Michael W. 2013a. Mineral Commodity Summaries: Gold. Reston, USA: United States Geological Survey (USGS). http://minerals.usgs.gov/minerals/pubs/commodity/gold/mcs-2013-gold.pdf. ———. 2013b. Mineral Commodity Summaries: Silver. Reston, USA: United States Geological Survey (USGS). http://minerals.usgs.gov/minerals/pubs/commodity/silver/mcs-2013-silve.pdf. Geoscience Australia. 2010. Australia's Identified Mineral Resources 2010. Canberra, Australia. Guj, Pietro. 2013a. "Chapter 9: Mineral Project Evaluation – Financial Modelling and Discounted Cash Flow Analysis." In Monograph 29: Mineral Economics, eds Philip Maxwell and Pietro Guj, 125-144. Melbourne, Australia: Australian Institute of Mining & Metallurgy. ———. 2013b. "Chapter 10: Mineral Project Evaluation - Dealing with Uncertainty and Risk." In Monograph 29: Mineral Economics, eds Philip Maxwell and Pietro Guj, 145-178. Melbourne, Australia: Australian Institute of Mining & Metallurgy. Guy, Jonathan, Evgenii Risovich, Stephen D. Walker, Sam Crittenden, Jamie Kasprowicz, Mark Mihaljevic, Michael Curran et al. 2012. RBC Prospector - African Gold: If They Don’t Come… You Will Have to Build It. Toronto, Canada: RBC Capital Markets. Hill, Napoleon. 1937. Think and Grow Rich. Cleveland, USA: The Ralston Society. Hindle, Tim. 2008. The Economist Guide to Management Ideas and Gurus. London, UK: Profile Books Ltd. Why is developing a new mine so difficult? Slide 43 of 48 15 October 2013
  • 44. References [4] • • • • • • • • • • • • Hronsky, Jon. 2009a. The Case for a Greenfields Renaissance (Paper). Perth, Australia: Western Mining Services. ———. 2009b. The Case for a Greenfields Renaissance (Presentation). Perth, Australia: Western Mining Services, Centre for Exploration Targeting and Society of Economic Geologists. ———. 2009c. "The Exploration Search Space Concept: Key to a Successful Exploration Strategy." Centre for Exploration Targeting Quarterly News (8): 14-15. http://www.cet.edu.au/researchoutcomes/newsletters/june_newsletter_09_web. ———. 2009d. "Our Prosperity Depends on Finding Fresh Resources." The Australian, 12 October. 26 Hronsky, Jon, and Jeff Welborn. 2013. Senior Exploration Management Handbook. Perth, Australia: Centre for Exploration Targeting & Western Mining Services. Infomine. 2013. Company & Propertymine: Company & Property Mining Intelligence. Accessed 21 May, http://www.infomine.com/companies-properties/. International Copper Study Group (ICSG). 2012. The World Copper Factbook. Lisbon, Portugal. http://www.icsg.org/index.php/component/jdownloads/finish/170/1188. International Council on Mining & Metals (ICMM). 2003. Sustainable Development Framework: 10 Principles. Accessed 11th August 2013, http://www.icmm.com/our-work/sustainable-development-framework/10-principles. Jacks, David S. 2013. From Boom to Bust: A Typology of Real Commodity Prices in the Long Run. Cambridge, USA: National Bureau of Economic Research. http://www.nber.org/papers/w18874. Jasinski, Stephen M. 2013. Mineral Commodity Summaries: Potash. Reston, USA: United States Geological Survey (USGS). http://minerals.usgs.gov/minerals/pubs/commodity/potash/mcs-2013-potas.pdf. Joint Ore Reserves Committee (JORC). 2012. Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Melbourne, Australia. http://www.jorc.org/docs/jorc_code2012%284%29.pdf. Kettle, Peter, John P. Sykes, and Natalie Staffurth. In press. Countdown to New Tin Supply. Australian Resources and Investment. Why is developing a new mine so difficult? Slide 44 of 48 15 October 2013
  • 45. References [5] • • • • • • • • • • • Kreuzer, Oliver P., Michael A. Etheridge, and Pietro Guj. 2007. "Australian Junior Exploration Floats, 2001–06, and Their Implications for Ipos." Resources Policy 32 (4): 159-182. doi: 10.1016/j.resourpol.2007.08.001. Kuck, Peter H. 2013. Mineral Commodity Summaries: Nickel. Reston, USA: United States Geological Survey (USGS). http://minerals.usgs.gov/minerals/pubs/commodity/nickel/mcs-2013-nicke.pdf. Larkin, Nicholas. 2013. "Copper Seen Extending Rally with China Accelerating: Commodities." Bloomberg, 26 January. http://www.bloomberg.com/news/2013-01-25/copper-seen-extending-rally-with-china-accelerating-commodities.html. Linneman, Robert E., and John D. Kennell. 1977. "Shirt-Sleeve Approach to Long-Range Plans." Harvard Business Review 55 (2): 141-150. http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=3867457&site=ehost-live. Manning, Richard. 1998. One Round River: The Curse of Gold and the Fight for the Big Blackfoot. New York, USA: Henry Holt. Marker, Brian R., Michael G. Petterson, Fiona McEvoy, and Michael H. Stephenson. 2005. Special Publication 250: Sustainable Minerals Operations in the Developing World. London, UK: Geological Society. Martin, Todd, and Kimberly Morrison. 2012. "Closure Planning: Planning for "Perpetuity"." In Edumine Webcast: Tailings Management 101, Vancouver, Canada. Infomine. Maxwell, Philip, and Pietro Guj. 2013a. Monograph 29: Mineral Economics. Second Edition ed. Melbourne, Australia: Australian Institute of Mining & Metallurgy. ———. 2013b. "Preface." In Monograph 29: Mineral Economics, eds Philip Maxwell and Pietro Guj. Melbourne, Australia: Australian Institute of Mining & Metallurgy. McCarthy, Peter L. 2013. "Why Feasibility Studies Fail." In AusIMM Technical Meeting, Melbourne, Australia. AMC Consultants. McCuaig, T. Campbell , Pietro Guj, Jon Hronsky, and Richard Schodde. 2009. "Exploration Targeting in a Business Context." In Fennoscandian Exploration and Mining, Rovaniemi, Finland, edited by Fennoscandian Exploration and Mining. Centre for Exploration Targeting. Why is developing a new mine so difficult? Slide 45 of 48 15 October 2013
  • 46. References [6] • • • • • • • • • • • • Meilton, Christine. 2013. "Copper Surplus Looming - but Can the Supply Side Deliver?" In Australian Copper Conference, Brisbane, Australia. CRU Group. Mining Minerals and Sustainable Development (MMSD) Project. 2002. Breaking New Ground. London, UK: Earthscan Publications. Moore, Geoffrey A. 1999. Crossing the Chasm: Marketing and Selling Technology Products to Mainstream Customers. New York, USA: HarperBusiness. ———. 2007. "To Succeed in the Long Term, Focus on the Middle Term. (Cover Story)." Harvard Business Review 85 (7/8): 84-90. Mudd, Gavin M., Zhehan Weng, and Simon M. Jowitt. 2013. "A Detailed Assessment of Global Cu Resource Trends and Endowments." Economic Geology 108 (5): 1163-1183. doi: 10.2113/econgeo.108.5.1163. Nagji, Bansi, and Geoff Tuff. 2012. "Managing Your Innovation Portfolio." Harvard Business Review 90 (5): 66-74. Otto, James M., and John Cordes. 2000. Sustainable Development and the Future Mineral Investment: Colorado School of Mines, Metal Mining Agency of Japan & United Nations Environment Programme. Papp, John F. 2013. Mineral Commodity Summaries: Chromium. Reston, USA: United States Geological Survey (USGS). http://minerals.usgs.gov/minerals/pubs/commodity/chromium/mcs-2013-chrom.pdf. Repcheck, Jack. 2004. The Man Who Found Time: James Hutton and the Discovery of the Earth's Antiquity. New York, USA: Pocket Books. Ricardo, David. 1817. The Principles of Political Economy and Taxation. London, UK: J. McCreery. Runge, Ian C. 1998. Mining Economics and Strategy. Englewood, USA: Society for Mining, Metallurgy and Exploration. Samuelson, Paul A. 1947. Foundations of Economic Analysis. Cambridge, USA: Harvard University Press. Why is developing a new mine so difficult? Slide 46 of 48 15 October 2013
  • 47. References [7] • • • • • • • • • • • • Schodde, Richard. 2011. "Copper Market Outlook." In Australian Copper Conference, Brisbane, Australia. CRU Group. Schodde, Richard, and Pietro Guj. 2012. Where Are Australia’s Mines of Tomorrow? Perth, Australia. http://www.cet.edu.au/docs/default-document-library/revised-cet-paper---australian-mineral-exploration-12-sept2012.pdf?sfvrsn=0. Schwab, Klaus. 2013. The Global Competitiveness Report 2012-2013. Geneva, Switzerland. http://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2012-13.pdf. Smith, Adam. 1776. An Inquiry into the Nature and Causes of the Wealth of Nations: Project Gutenberg. Sull, Donald N. 1999. "Why Good Companies Go Bad." Harvard Business Review 77 (4): 42-50. Sykes, John P. 2011. "Stunted Copper Supply Growth: How Soaring Copper Demand Is Straining the Supply Chain and Supporting the Medium to Long Term Price Outlook." In Gerson Lehrman Group Webcast, Online. Greenfields Research. ———. 2013a. Anatomy of a Bear Market. RESOURCESTOCKS, August, 10-13. ———. 2013b. "Guest Lecture: 'Shirt-Sleeve' Cost Modelling." In 602 Resource Cost & Capital (part of the MSc Mineral Economics programme), Perth, Australia, edited by Allan Trench. Greenfields Research and the Department of Mineral & Energy Economics, Curtin Graduate School of Business. Sykes, John P., and Allan Trench. 2012. "A Long and Winding Road: Development Timelines, Delays Risks, and Value Adding in Rare Earths." In Centre for Exploration Targeting Members Day, Perth Australia. Greenfields Research & Centre for Exploration Targeting. ———. 2013. "ASX Minerals Ipos Class of 2012: All That Glistens Is Gold? ." Centre for Exploration Targeting Quarterly Newsletter, March. Tilton, John E. 2013. "Foreword." In Monograph 29: Mineral Economics, eds Philip Maxwell and Pietro Guj. Melbourne, Australia: Australian Institute of Mining & Metallurgy. Tilton, John E., and Gustavo Lagos. 2007. "Assessing the Long-Run Availability of Copper." Resources Policy 32 (1): 1923. doi: 10.1016/j.resourpol.2007.04.001. Why is developing a new mine so difficult? Slide 47 of 48 15 October 2013
  • 48. References [8] • • • • • • • • • • • Trench, Allan. 2007. "Strictly Boardroom: How to Grow a Resources Company – Consultant-Style." MiningNewsPremium.net, 20 August. http://www.miningnewspremium.net//storyview.asp?storyid=109784&sectionsource=s0&highlight=boardroom. ———. 2012a. "Class of 2011: A Continued Focus on Australian Gold for Ipos. ." Centre for Exploration Targeting Quarterly Newsletter, March. 12-17 ———. 2012b. "Strictly Boardroom: Why Long-Term Commodity Price Forecasts Will Prove Correct." MiningNewsPremium.net, 30 July. http://www.miningnewspremium.net/StoryView.asp?StoryID=9590072. ———. 2013a. "Day 4: Managing Cost & Revenues - Fact Finding." In 602 Resource Cost and Capital (part of the MSc Mineral Economics programme), Perth Australia. Department of Mineral & Energy Economics, Curtin Graduate School of Business. ———. 2013b. "Market Themes & Commodity Prices 2013 - 2017 Towards a Mining Boom ‘Third Wave’." In Mines and Money, Hong Kong, China. CRU Group. ———. 2013c. Strictly (Mining) Boardroom: Management Insights from inside the Australian Resources Sector. Highett, Australia: Major Street Publishing. Trench, Allan, and Daniel Packey. 2012. Australia's Next Top Mining Shares : Understanding Risk and Value in Minerals Equities. Highett, Australia: Major Street Publishing. Tuck, Christopher A. 2013. Mineral Commodity Summaries: Iron Ore. Reston, USA: United States Geological Survey (USGS). http://minerals.usgs.gov/minerals/pubs/commodity/iron_ore/mcs-2013-feore.pdf. United Nations Economic Commission for Africa (UNECA). 2002. Managing Mineral Wealth. Addis Ababa, Ethiopia. Winchester, Simon. 2002. The Map That Changed the World: A Tale of Rocks, Ruin and Redemption. Kindle ed. London, UK: Penguin. World Commission on Environment and Development (WCED). 1987. Our Common Future. Oslo, Norway. Why is developing a new mine so difficult? Slide 48 of 48 15 October 2013

×