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MINING SECTOR STRATEGIES FOR
THE FUTURE – PREPARING FOR
THE NEXT BOOM
Allan Trench1234
John P. Sykes235
[1] Department of ...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Some Takeaway Messages….
Mining Sector Strat...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Let’s start with a truism…
Source: Trench & ...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
..and with a proposed takeaway…
Picture Sour...
“We don’t like their sound and
guitar music is on the way out”
Decca
Records
1962
“Who the hell wants to hear actors talk?...
..next generation concepts do not need
to be rocket science…
Bet Exploration.Com
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Like “BetExploration.com” ?
Old strategy
• F...
.. Beware a solution looking for a
problem…
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Effective minerals sector strategy requires:...
0 10 20 30 40 50 60 70 80 90 100
AL
CU
NI
ZN
FE
LRMC = 100 Ave qtly price (Q3) 2015
Source: CRU: LRMC = Long-Run-Marginal-...
Source: CRU
Big bets are made, big
risks taken often ending
in tears
Risks are avoided, small
bets are made
“Irrational ex...
CRU CONSULTING Data: CRU
Rio Tinto’s mines occupy mainly
1st quartile positions on the global
cost curve
Port of
Dampier
C...
DISTINCTIVE CAPABILITY*
YOUR REASONING /
PROOF / FACT-BASE
Your answer here...
Your answer here...
Your answer here...
You...


Does company XXX have a strategic advantage over peer companies?
(YES or NO)
If YES, allocate100% of the root cause of...
Mining companies most often choose which of these strategies?
A: Low Cost B: Differentiation C: Focus
A knowledge of gener...
• Lowest cost equals highest margin
• Position of strategic strength averts price competition & allows
exploration of new ...
Source: “The Red Queen Effect” From Kauffmann 1995, McKinsey Quarterly: quoting Lewis Carroll
Price
Quantity
Kryptonite Ca...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
..and strategy effectiveness?…
Mining Sector...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Effective minerals sector strategy requires:...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
..what about the ‘next big thing’ strategy
S...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Aluminium was once the ‘next big thing’
0
50...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
However a lot needs to fall into place
An Ec...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
And not all metals hold the potential
Rank
C...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Automation is not a strategy – so we
Won’t M...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
So no need for NASA urine technology!
Source...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Strategies for the future requires an
entrep...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Some strategies for the future will
require ...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Strategies for the future requires a
process...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Source: Trench 2002 ‘Make Your Firm a Busine...
-50
-40
-30
-20
-10
0
10
20
30
40
Total Returns to Shareholders (1986-2003) Per Cent (US$ Real Rate of Return)
Source: NM ...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Typical life-of-mine risk & value profile
Mi...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Aside Generic Strategies – What are
successf...
Which of the following mainstream gold companies are the
‘best’ best-in-class operator?
AngloGold Newmont
Barrick Newcrest
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Aside Generic Strategies – What are
successf...
Which of the following mainstream resources companies is a
‘best in class’ project developer?
Glencore BHP Billiton
South3...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Developers need to manage technical &
corpor...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Concave projects present more
development ri...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Aside Generic Strategies – What are
successf...
Which of the following is a great explorer?
Sub-Economic Resources NL BHP Billiton
Mark Creasy-Mark Bennett Rio Tinto
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Great explorers must find the orebodies of
t...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Discovery impact is dependent on
commodity t...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Aside Generic Strategies – What are
successf...
Which of the following is an asset owner of choice (great
socioeconomic miner)?
Oceanagold Vale
First Quantum Anglo Americ...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Sources: Trench et al., (2014); Wilson et al...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Risk
Change in risk type through the mine pr...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Risk
Change in risk type through the mine pr...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Risk
Change in risk type through the mine pr...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
But what about industry scenarios?
Mining Se...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Developing scenario-based strategy for
minin...
Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015
Thank you to the organisers – Wrays -
and to...
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Mining strategies for the future - Trench & Sykes - Nov 2015 - Centre for Exploration Targeting / Curtin University / University of Western Australia

Mining strategies for the future - Trench & Sykes - Nov 2015 - Centre for Exploration Targeting / Curtin University / University of Western Australia

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Mining strategies for the future - Trench & Sykes - Nov 2015 - Centre for Exploration Targeting / Curtin University / University of Western Australia

  1. 1. MINING SECTOR STRATEGIES FOR THE FUTURE – PREPARING FOR THE NEXT BOOM Allan Trench1234 John P. Sykes235 [1] Department of Mineral & Energy Economics, Curtin University, Australia [2] Centre for Exploration Targeting, Curtin University, Australia [3] Centre for Exploration Targeting, The University of Western Australia [4] CRU Group [5] Greenfields Research Wrays Resources Innovation Group Seminar, Perth, Australia, 2 November 2015
  2. 2. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Some Takeaway Messages…. Mining Sector Strategies for the Future – Preparing for the Next Boom ‘Strategies for the future’ means far more than automation and technology…. Few resources companies stand out on strategy or capability….. Doing something different can be a winner…. aside from picking the ‘next big thing’ on the Periodic Table ‘Low-cost’ is likely to still be the dominant strategy in 100 years time…. Niche mining business opportunities are all around us – even now…. Corporate strategy, even in commodity industries, is very far from boring…
  3. 3. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Let’s start with a truism… Source: Trench & Sykes; Picture Source: bigalmanack.com Mining Sector Strategies for the Future – Preparing for the Next Boom Everyone turns their attention to innovations at asset and company level when times are tough… ….Then go back to ‘business as usual’ at the first opportunity when things pick up.
  4. 4. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 ..and with a proposed takeaway… Picture Source: bigalmanack.com Mining Sector Strategies for the Future – Preparing for the Next Boom Opportunities are everywhere… we just don’t easily see them ….There are however processes and precedents as to how to find them
  5. 5. “We don’t like their sound and guitar music is on the way out” Decca Records 1962 “Who the hell wants to hear actors talk?”” H.M. Warner 1927 Harvard Professor 1940 “The television will never achieve popularity; it takes place in a semi-darkened room and demands continuous attention”” Allied Commander WWI “This is good sport, but for the military, the aeroplane is useless”” ..so spot the next generation of these…
  6. 6. ..next generation concepts do not need to be rocket science… Bet Exploration.Com
  7. 7. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Like “BetExploration.com” ? Old strategy • Few winning holes • Infrequent shareholder returns • “Expert”-based drill programme assessment • Lack of drilling buying power ‘Blue ocean’ strategy • Every drill program a winner • Frequent shareholder “wins” locked-in • Crowd-based drill outcome betting/probabilities • Significant drilling buying power Source: Trench & Sykes, 2015 (Re-inventing exploration, MiningNewsPremium.net)
  8. 8. .. Beware a solution looking for a problem…
  9. 9. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Effective minerals sector strategy requires: • A knowledge of your industry (and beyond) • A knowledge of your own company! • An understanding of the effectiveness of generic (and other) strategies • And a way of acquiring and updating this information quickly and cheaply • Consideration of views on the future (e.g. scenarios)
  10. 10. 0 10 20 30 40 50 60 70 80 90 100 AL CU NI ZN FE LRMC = 100 Ave qtly price (Q3) 2015 Source: CRU: LRMC = Long-Run-Marginal-Cost www.crugroup.com A knowledge of your industry; Prices
  11. 11. Source: CRU Big bets are made, big risks taken often ending in tears Risks are avoided, small bets are made “Irrational exuberance” • Excessive optimism • Inability to see the downturn • Major projects launched • Acquisition activity • Rising tide floats all boats “Irrational depression” • Excessive pessimism • Inability to see the upturn • Cost cutting, divestment, small expansions & debottlenecking • Develop future options • We find out who is swimming naked. A knowledge of your industry; Cycles
  12. 12. CRU CONSULTING Data: CRU Rio Tinto’s mines occupy mainly 1st quartile positions on the global cost curve Port of Dampier Cape Lambert Port Pannawonica (155Mt) Nammuldi (73Mt) Brockman 2 (15Mt) Brockman 4 (381Mt) Mt Tom Price (23Mt) Marandoo (181Mt) Paraburdoo (6Mt) Channar (24Mt) Eastern Range (40Mt) West Angelas (150Mt) Hope Downs (77Mt) Yandicoogina (297Mt) Western Turner Syncline (257Mt) Rio Tinto mining operations Vale’s mines occupy mainly 1st and 2nd quartile positions on the global cost curve Tubarao Port Itaguai Port Guaiba Island Terminal Madeira Port Southern System (2,080Mt) Midwestern System (660Mt) Southeastern System (2,110Mt) Northern System (4,796Mt) VALE mining operations Global iron ore business cost curve, all products($/t, Nominal, 2015)Global iron ore business cost curve, all products($/t, Nominal, 2015) A knowledge of your industry; Costs
  13. 13. DISTINCTIVE CAPABILITY* YOUR REASONING / PROOF / FACT-BASE Your answer here... Your answer here... Your answer here... Your answer here... Your answer here... Your answer here...    * A Distinctive Capability originates from a skill, or set of skills, that are superior to those of our peers [NOT a physical asset or cash balance] WHAT DO YOU CONSIDER THE THREE FOREMOST DISTINCTIVE CAPABILITIES* THAT SET YOUR COMPANY APART FROM OTHERS? A knowledge of your own company!
  14. 14.   Does company XXX have a strategic advantage over peer companies? (YES or NO) If YES, allocate100% of the root cause of the advantage across the following three categories: Our Distinctive Capabilities... Financial strengths of XXXX... Our mine and/or exploration assets.. ? ? ? e.g. - skills - people - systems e.g. - strong balance sheet - strong cash flows e.g. - mines - projects - exploration upside ? WHAT DO YOU CONSIDER THE CURRENT STRATEGIC ADVANTAGES, IF ANY, THAT WILL FACILITATE PROFITABLE GROWTH?
  15. 15. Mining companies most often choose which of these strategies? A: Low Cost B: Differentiation C: Focus A knowledge of generic strategies
  16. 16. • Lowest cost equals highest margin • Position of strategic strength averts price competition & allows exploration of new opportunities • ‘Only one firm wins’ Low Cost Strategy • Differentiated products &/or services equals highest margin • Competitive position is protected via continuous innovation of product & service attributes • ‘Many winners’ Differentiation Strategy • Market segmentation approach eg. by niche or geography • Experience effects in target market segment can create barriers to entry for competitors • ‘Many winners’ Focus Strategy Sources: Porter (1985), Trench& Judge (2002) Note the danger of getting ‘stuck in the middle’ Generic Approach Attributes Most strategies will remain generic
  17. 17. Source: “The Red Queen Effect” From Kauffmann 1995, McKinsey Quarterly: quoting Lewis Carroll Price Quantity Kryptonite Cash Costs 2013 Kryptonite Cash Costs 2016 "You have to run faster and faster just to stay in the same place!" BE CAREFUL: COST & PRODUCTIVITY IMPROVEMENTS ARE NO GUARANTEE OF GREATER MARGINS OVER TIME Some things never change – like the cost leadership strategy…
  18. 18. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 ..and strategy effectiveness?… Mining Sector Strategies for the Future – Preparing for the Next Boom Source: Arvidson (2014)
  19. 19. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Effective minerals sector strategy requires: • A knowledge of your industry (and beyond) • A knowledge of your own company! • An understanding of the effectiveness of generic (and other) strategies • And a way of acquiring and updating this information quickly and cheaply • Consideration of views on the future (e.g. scenarios)…
  20. 20. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 ..what about the ‘next big thing’ strategy Source: Google images Mining Sector Strategies for the Future – Preparing for the Next Boom
  21. 21. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Aluminium was once the ‘next big thing’ 0 50 100 150 200 250 300 350 400 1913 1917 1921 1925 1929 1933 1937 1941 1945 1949 1953 1957 1961 1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 Market size of the Base Metals over the last 100 years in 2012 dollars (millions) Copper Tin Zinc Lead Aluminium Nickel An Economic History of the Esoteric Metals Markets 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1913 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2012 Data: USGS
  22. 22. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 However a lot needs to fall into place An Economic History of the Esoteric Metals Markets Images: sandatlas.org; earlham.edu; tempraturedetectors.com & shutterstock ABUNDANCE CONCENTRATION 8.2% Factors in place prior to 20th century MINING PROCESSING DEMAND Solved in late 19th & early 20th century Source: Sykes et al., 2015, in press
  23. 23. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 And not all metals hold the potential Rank Critical Metal Discovery Supply Demand Total 1 Antimony 1 2 1 4 2 Barium 1 2 0.5 3.5 - Germanium 1 1 1.5 3.5 - Indium 1 1 1.5 3.5 - Tellurium 1 1 1.5 3.5 Mining Sector Strategies for the Future – Preparing for the Next Boom Rank Critical Metal Discovery Supply Demand Total 44 Holmium (REE) 0 0 1 1 - Lutetium (REE) 0 0 1 1 - Terbium (REE) 0 0 1 1 - Thulium (REE) 0 0 1 1 - Tantalum 0 0 1 1 Source: Sykes et al., 2015, in press
  24. 24. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Automation is not a strategy – so we Won’t Mention Driverless Trucks Sources: Rio Tinto, FT, ABC, Courtesy Dr Carla Boehl (2015) Mining Sector Strategies for the Future – Preparing for the Next Boom Again!
  25. 25. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 So no need for NASA urine technology! Sources: Google Images, NASA Mining Sector Strategies for the Future – Preparing for the Next Boom
  26. 26. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Strategies for the future requires an entrepreneurial mindset Source: bigalmanack.com Mining Sector Strategies for the Future – Preparing for the Next Boom
  27. 27. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Some strategies for the future will require an entrepreneurial mindset Source:http://www.cleanlink.com/productwatch/details/Urinal-Fly-Target—741 Urinals at Amsterdam Schiphol Airport Mining Sector Strategies for the Future – Preparing for the Next Boom Urinal Fly Target - The Urinal Fly Target Sticker is an inexpensive, easy way to improve restroom cleanliness. The product acts as a target, reducing splashes on the floor by up to 80 percent. With a long life and installation ease, the flies are available in 20 per pack.
  28. 28. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Strategies for the future requires a process to see what is in plain sight Mining Sector Strategies for the Future – Preparing for the Next Boom 1. Think through what makes a very successful company in another industry so special? Is it a renegade? 2. Carefully document the elements of its strategic approach
  29. 29. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Source: Trench 2002 ‘Make Your Firm a Business Renegade; Trench (2006) Resources Companies Should ‘dare to be Different’ Mining Sector Strategies for the Future – Preparing for the Next Boom 3. Think how similar approach to business might be ‘translated’ back to the world of mining and exploration 4. Determine whether the equivalent strategic space is already occupied in exploration and mining. If not ask why not? Strategies for the future requires a process to see what is in plain sight
  30. 30. -50 -40 -30 -20 -10 0 10 20 30 40 Total Returns to Shareholders (1986-2003) Per Cent (US$ Real Rate of Return) Source: NM Rothschild & Sons (2003), A Trench analysis Renegades occupy the first four places……and are nowhere else to be seen!! Franco Nevada 34% First global mining royalty company Barrick 28% Financial management/M&A Sons of Gwalia 18% Miner in the third cost quartile Delta 17% A mining company that didn’t mine Sometimes doing things differently pays off…Historical Mining Examples
  31. 31. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Typical life-of-mine risk & value profile Mining Sector Strategies for the Future – Preparing for the Next Boom Concept Exploration Discovery Economics Development Mining Value Time MINING High Risk – High Potential Lowered risk Full Value Speculation Orphan Period Speculators Leave Institutional Investment EXPLORATION DEVELOPMENT Uncertainty driven Risk driven Source: Cook (2010)
  32. 32. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Aside Generic Strategies – What are successful Mining Sector Strategies? Mining Sector Strategies for the Future – Preparing for the Next Boom 1. Best-in-Class Mine Operator Source: Bill Gates; Rio Tinto
  33. 33. Which of the following mainstream gold companies are the ‘best’ best-in-class operator? AngloGold Newmont Barrick Newcrest
  34. 34. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Aside Generic Strategies – What are successful Mining Sector Strategies? Mining Sector Strategies for the Future – Preparing for the Next Boom 2. Faster and Under-Budget Project Developer
  35. 35. Which of the following mainstream resources companies is a ‘best in class’ project developer? Glencore BHP Billiton South32 MetalsX
  36. 36. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Developers need to manage technical & corporate risk profile Risk Change in risk type through the mine project development stage Corporate Risk Technical Risk Sources: Modified from Trench et al., (2014); Trench & Packey (2012) Mining Sector Strategies for the Future – Preparing for the Next Boom
  37. 37. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Concave projects present more development risk Mining Sector Strategies for the Future – Preparing for the Next Boom ValueRecognition Convex project development Concave project development
  38. 38. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Aside Generic Strategies – What are successful Mining Sector Strategies? Mining Sector Strategies for the Future – Preparing for the Next Boom 3. Perennial Discoverer of New Mines – The ‘Great Explorer’ Strategy
  39. 39. Which of the following is a great explorer? Sub-Economic Resources NL BHP Billiton Mark Creasy-Mark Bennett Rio Tinto
  40. 40. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Great explorers must find the orebodies of the future…which look like? Mining Sector Strategies for the Future – Preparing for the Next Boom Based on: Sykes and Trench (2014)
  41. 41. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Discovery impact is dependent on commodity type Mining Sector Strategies for the Future – Preparing for the Next Boom ValueRecognition Convex minerals: • Gold, • Diamonds • Tin • Copper • Nickel sulphide • Hematite DSO • Oil Concave minerals: • Nickel laterite • Vanadium • Rare earths • Graphite • Magnetite • Gas
  42. 42. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Aside Generic Strategies – What are successful Mining Sector Strategies? Mining Sector Strategies for the Future – Preparing for the Next Boom 3. Partner of Choice - The Great Socioeconomic Miner Geographical (Country) Risk Resource Nationalism LandAccess LandClaims RedTape GreenTape Corruption CivilUnrest Infrastructure SocialUnrest Natural Disasters Labour Relations Source: Trench et al., (2014)
  43. 43. Which of the following is an asset owner of choice (great socioeconomic miner)? Oceanagold Vale First Quantum Anglo American
  44. 44. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Sources: Trench et al., (2014); Wilson et al., (2014); Multilateral Investment Guarantee Agency (2013); Schwab et al., (2013); World Bank (2013); Transparency International (2013) Great Socioeconomic Miner……Country Risk information exists at high-level but is founded upon perception bias Mining Sector Strategies for the Future – Preparing for the Next Boom
  45. 45. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Risk Change in risk type through the mine project development stage Corporate RiskTechnical Risk Sources: Modified from Trench et al., (2014); Trench & Packey (2012) Non-Technical Risk: Commodity Price? LowerPrices HigherPrices Mining Sector Strategies for the Future – Preparing for the Next Boom Understanding ‘composite risk’
  46. 46. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Risk Change in risk type through the mine project development stage Sources: Modified from Trench et al., (2014); Trench & Packey (2012) Non-Technical Risk: NIMBYism? Corporate RiskTechnical Risk Mining Sector Strategies for the Future – Preparing for the Next Boom Understanding ‘composite risk’
  47. 47. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Risk Change in risk type through the mine project development stage Sources: Modified from Trench et al., (2014); Trench & Packey (2012) Non-Technical Risk: Political Risk? Elections Unsupportive party elected Unsupportive party unelected Risk increases as project advances Corporate RiskTechnical Risk Mining Sector Strategies for the Future – Preparing for the Next Boom Understanding ‘composite risk’
  48. 48. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 But what about industry scenarios? Mining Sector Strategies for the Future – Preparing for the Next Boom Increased Decreased PROSPECT AVAILABILITY Increased Decreased CRUSADES COUNTING HOUSE PEASANTS’ REVOLT UNDER SEIGE ECONOMICMARGINS Source: Sykes (2015)
  49. 49. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Developing scenario-based strategy for mining and exploration • Centre for Exploration Targeting “Future of Exploration” Scenarios – Dec 2015: CET Students Trial Workshop – Feb/Mar 2016: Perth-wide Students Trial Workshop – Jun/Jul 2016: International Expert Workshop Contact: Allan or John to get involved! Mining Sector Strategies for the Future – Preparing for the Next Boom
  50. 50. Wrays Resources Innovation Group Seminar, Perth, Australia, 2nd November 2015 Thank you to the organisers – Wrays - and to all of you for coming along today allan.trench@crugroup.com john.sykes@greenfieldsresearch.com Mining Sector Strategies for the Future – Preparing for the Next Boom

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