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GLOSSARY OFMINING FINANCE TERMS                    International                      Acronyms                            ...
Contents           3     International Acronyms           4     Common Accounting Terms        5-6      Less Common Accoun...
International Acronyms                    AFR      Africa region                    AIM      Alternative investment market...
Common Accounting Terms        EBIT                                                            COST CURVE        Earnings ...
Less Common Accounting        & Financial Terms        Adjusted EBITDA                                             Gearing...
Less Common Accounting        & Financial Terms (continued)        Net tangible asset value per share                     ...
Other Mining Finance Terms        Discontinued operations                                      Preference shares        Th...
Other Mining Finance Terms (continued)        SWF Sovereign Wealth Fund        An investment agency of a state government ...
Common Mining Terms        By-products                                                   Inferred Mineral Resource        ...
Common Mining Terms (continued)         Ore Reserve                                                            Rehabilitat...
Destinations 2013                                                                                                         ...
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Glossary of Mining Finance Terms eBook - brought to you by www.minesandmoney.com

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Glossary of Mining Finance Terms eBook - brought to you by www.minesandmoney.com

  1. 1. GLOSSARY OFMINING FINANCE TERMS International Acronyms Accounting & Financial Terms Mining Finance Terms Mining TermsGlossary of Mining and Finance Terms – an ebook by www.minesandmoney.com
  2. 2. Contents 3 International Acronyms 4 Common Accounting Terms 5-6 Less Common Accounting & Financial Terms 7-8 Other Mining Finance Terms 9-10 Common Mining Terms2 Glossary of Mining and Finance Terms – an ebook by www.minesandmoney.com
  3. 3. International Acronyms AFR Africa region AIM Alternative investment market in London ASM Artisanal and Small-Scale Mining ASX Australian Stock Exchange BIS Bank for International Settlements BRIC Brazil, Russia, India, China CASM Communities and Small-Scale Mining DFID Department for International Development (UK) EAP East Asia and Pacific region EBRD European Bank for Reconstruction & Development ECA Europe and Central Asia region EE Energy Efficiency EI Extractive Industries EIA US Energy Information Administration FDI Foreign Direct Investment FY Fiscal or Financial Year GHG Greenhouse Gas GRI Global Reporting Initiative HGA Host Government Agreement HIPC Heavily Indebted Poor Country IBRD International Bank for Reconstruction & Development ICMM International Council on Mining and Metals IDA International Development Association IEA International Energy Agency IFC International Finance Corporation IFI International Financial Institution IFRIC International Financial Reporting Interpretation Comm IFRS International Financing Reporting Standards IGA Inter-government Agreement IIED International Institute for Environment & Development IMF International Monetary Fund JSE Johannesburg Stock Exchange in South Africa LICUS Low-Income Countries under Stress LME London Metal Exchange MDB Multilateral Development Bank MENA The Middle East and North Africa region MIGA Multilateral Investment Guarantee Agency MMSD Mining Minerals & Sustainable Development (IIED) NGO Nongovernmental Organization OECD Organization for Economic Co-operation&Development RE Renewable Energy ex hydro capacity more than 10MW SEGOM The World Bank’s Oil, Gas and Mining Policy Division SME Small and Medium Enterprises SSE Shanghai Stock Exchange TNC Transnational Corporation TSX Toronto Stock Exchange UJV Unincorporated Joint Venture UN United Nations UNEP United Nations Energy Program WBG World Bank Group3 Glossary of Mining and Finance Terms – an ebook by www.minesandmoney.com
  4. 4. Common Accounting Terms EBIT COST CURVE Earnings Before Interest and Tax – most common A cost curve for a specific industry is basically a graph of measure of profit, revenue minus costs but excluding the production costs for all the mines or companies in the cost of paying interest on borrowings or paying that industry. This curve allows the mine to see how its tax. Interest & tax are excluded to show the net profit production costs relate to its competitors. Cost curves achieved before taking into consideration taxes and are important in mining where most producers receive a finance costs. We exclude interest & tax as these costs similar prices for the product. Companies will often refer are not directly related to how profitable the operation to the quartile of the cost curve in which they sit. You is. They are more like costs of doing business rather than want to be in the lowest quartile (25%) of the industry. directly telling us how well we are going. ECONOMIES OF SCALE EBITDA The term economies of scale refers to the fact that we Earnings Before Interest, Tax, Depreciation and commonly find the cost of creating a single item reduces Amortisation – another measure of profit. Again as we make more of those items. And likewise, the revenues minus costs excluding costs of interest and cost per item for bigger businesses is generally lower tax but this time we also exclude depreciation and than that for small businesses. For example, if my mine amortisation costs. Just a different measure for profits produces 1,000 tonnes of coal, it might work out that taking out additional measures that aren’t directly it costs me $10,000 per tonne to mine it. However, if I related to operational performance (more related to the produce 10 million tonnes, it might only work out to cost cost of capital than how well the business did). $100 per tonne. DEPRECIATION This principle is very important in the mining industry, Depreciation is how much the assets of the business especially in commodities like iron ore or coal – the are used up over time. For example your car will be more the mine produces, in general the less it costs to used up over time – if you were a business, the amount produce each tonne. Economies of scale are related to by which it is used up each year could be claimed as a our discussion above about fixed and variable costs. The depreciation cost. It is recognised as a cost even though more items we make, the more items we have to divide no cash is involved. It is essentially a cost item which the fixed costs over. recognises how much value the company’s assets have lost each period. As mines tend to have quite high fixed costs (especially labour and equipment), the more tonnes we can AMORTISATION divide these fixed costs over the better. Other things Same as depreciation except it applies to intangible also contribute to economies of scale, including more assets whereas depreciation applies to physical capital purchasing power to get better deals from suppliers assets.Assets a company puts a value on, even though when you are bigger, the ability to invest more capital in there is nothing that physically exists. This includes things return for lower operating costs, and improved logistics like the value of goodwill, brand, and capitalised R&D. leading to lower transport costs. CAPITAL COSTS VS OPERATING COST The real difference is that capital costs are treated differently to operating costs in accounting – capital costs are allocated as expenses over a period of years while operating costs are accounted for in the same period in which they occur. FIXED COSTS VS VARIABLE COSTS In the context of the mining operation fixed costs are those that don’t change from one period to the next regardless of production levels. Labour costs are fairly fixed in any month no matter how many tonnes are produced. Labour is usually one of the mine’s largest fixed costs. Other fixed costs might include rental and general overheads. Variable costs vary depending on the level of production such as explosives, fuel, ground support consumables, drilling consumables, tyres, and royalties.4 Glossary of Mining and Finance Terms – an ebook by www.minesandmoney.com
  5. 5. Less Common Accounting & Financial Terms Adjusted EBITDA Gearing ratio EBITDA adjusted to exclude impairment charges. Net borrowings / Equity A measure that is close to the underlying cash earnings of a company before servicing its capital base Gross margin % Gross profit (loss) as a percentage of income including Average number of employees: The monthly average realised non-hedge derivatives. number of production and non-production employees and contractors employed during the year, where Interest Coverage Ratio contractors are defined as individuals who have entered The ratio of Cash for Debt Service to all cash interest into a fixed-term contract of employment with a group expense. company or subsidiary. Employee numbers of joint Interest cover ventures represents a group’s attributable share. EBITDA divided by finance costs and unwinding of Book Net Worth obligations. Book Net Worth is the net worth of the company as Monetary asset presented on the balance sheet without deductions for An asset which will be settled in a fixed or easily intangible assets. determinable amount of money Cash for Debt Service Monte Carlo Simulation Net Income (after taxes and extraordinary items, but A Monte Carlo Simulation assigns random variables before dividends) plus the sum of non-cash charges and to each input parameter in a cash flow model within a interest expense less the sum of capital expenditures and probability range and then repeatedly runs the model to changes in working capital accounts. achieve a probability distribution of the outputs. Cash gross margin Net assets Cash gross profit (loss) divided by metal sales including Total Assets less total liabilities realised non-hedge derivatives. Net borrowings Cash gross profit (loss) Borrowings less cash Gross profit (loss) plus amortisation of tangible and intangible assets less non-cash revenues. Creditor days Net profit margin Accounts payable / Operating Expenses * 365 Net profit / Revenue Current ratio: Current assets / Current liabilities Net asset value per share Debt Service Coverage Ratio is the ratio of Cash for Total equity per the balance sheet divided by the shares Debt Service divided by the sum of scheduled principal in issue. Normalised EBITDA means the average EBITDA payments, interest payments, mandatory capital lease for the last three years obligations and any permitted dividends. Net capital employed EBITDA margin Equity as defined above plus minority interests and EBITDA / Revenue interest-bearing borrowings, less cash and cash equivalents and other cash investments. Where average Equity net capital employed is referred to, this is the average of Shareholders’ equity adjusted for other comprehensive the figures at the beginning and the end of the financial income, actuarial gain (loss) and deferred taxation. year. Where average equity is referred to, this is calculated by averaging the figures at the beginning and the Net debt end of the financial year. Borrowings less cash and cash equivalents and other cash investments. Free cash flow Operating cash flows less investment in property, Net operating assets plant and equipment Tangible assets, current and non-current portion of inventories, current and non-current trade and other FY receivables, less current and non-current trade and other Fiscal or Financial Year payables and deferred income.5 Glossary of Mining and Finance Terms – an ebook by www.minesandmoney.com
  6. 6. Less Common Accounting & Financial Terms (continued) Net tangible asset value per share Total Debt Total equity per balance sheet less intangible assets, All of the company’s debt which requires interest divided by the number of ordinary shares in issue. payments PIK or principal payments, including preferred stock which is convertible into debt at the holder’s Price received ($/oz and $/t) option and the principal portion of capitalised leases. Attributable income including realised non-hedge This definition also includes holding company debt that derivatives divided by attributable ounces/kilograms/ requires operating company dividends for the holding tonnes sold. company debt to be serviced, but excludes any equity or Quick ratio quasi-equity which is provided by way of deep discount (Current assets less Inventory) / Current liabilities bonds or shareholder loans, where such instruments are non-interest bearing (on a cash basis), cannot be Realised non-hedge derivatives redeemed before the senior debt and are both legally Represents the current year income statement effect and structurally subordinated to the senior debt. of non-hedge derivatives that were settled during the current year. Total production costs Total cash costs plus amortisation, retrenchment, Return on capital employed (‘ROCE’) rehabilitation and other non-cash costs. Corporate Net profit/PP&E plus net assets administration and exploration costs are excluded. Return on equity (‘ROE’) Weighted average number of ordinary shares Net profit/Equity The number of ordinary shares in issue at the beginning of the year, increased by shares issued during the year, Return on net capital weighted on a time basis for the period during which Adjusted headline earnings before finance costs they have participated in the income of the group, and and unwinding of decommissioning and restoration increased by share options that is virtually certain to be obligations expressed as a percentage of average net exercised capital employed, adjusted for the timing of acquisitions and disposals. Senior Debt All of the company’s debt that has the highest payment priority including payment obligations of capital leases that may be considered as principal payments. Senior Debt to Book Net Worth The ratio of Senior Debt to Book Net Worth. Senior Interest Expense All cash interest expense relating to Senior Debt, including the payment obligations of capital leases which may be considered as interest payments. Senior Interest Coverage Ratio The ratio of EBITDA to Senior Interest Expense. Total Capitalisation Total Debt plus Book Net Worth. Total cash costs Total cash costs include site costs for all mining, processing and administration, reduced by contributions from by products and are inclusive of royalties and production taxes but excluding amortisation, corporate administration, retrenchment, capital and exploration costs.6 Glossary of Mining and Finance Terms – an ebook by www.minesandmoney.com
  7. 7. Other Mining Finance Terms Discontinued operations Preference shares The component of an entity that, pursuant to a single Grant the owner dividends, even when ordinary plan, has been disposed of or abandoned or is classified shareholders may not receive them, as well as the first as held-for-sale until conditions precedent to the sale pick of proceeds when a company is liquidated. They have been fulfilled. normally do not carry voting rights. Price-to-earnings ratio (‘PE ratio’): Market value/earnings Effective tax rate per share. Current and deferred taxation as a percentage of profit before taxation. Private Equity Share holdings not listed on a registered stock exchange; ETF see also Venture Capital. Exchange traded fund. Related party GDP Parties are considered related if one party has the Gross domestic product. ability to control the other party or exercise significant IPO influence over the other party in making financial and The Initial Public Offering of shares in a specific operating decisions. company. Revolving Credit Facility Junior A loan repaid in a lump sum at the end of its tenor A mining company registered on a stock exchange Royalties (e.g. TSE, AIM, ASE, AltX) seeking venture (or ‘start up’) Payments made for the use of a metal or mineral capital, usually for exploration purposes. resource delivered to the “owner” of the resource (usually LBO a government) either at gross or net % value of the asset (Leveraged Buy Out) Where a company raises debt to as determined by the owner. acquire another SE LLC Limited Stock Exchange Liability Company Senior debt/debenture LME London A debt which has priority in any conversion to equity. Metal Exchange, the world’s premier forum for daily Shares trading in the prices of aluminium, copper, nickel, zinc, Also called equities or stock - that portion of a company’s other nonferrous metals and (from 2008) iron ore. capital registered either in the owner’s name or in an LP/LLP Limited account held by a bank or stock broker (known as a (Liability) Partnership. bearer share). MBO (Management Buyout) Share option Where managers acquire a company for which they work. A privilege sold by one party to another that gives the buyer the right but not the obligation to buy (call) or M&As sell(put) a stock at an agreed strike price within a certain Mergers and Acquisitions. period or on a specific date. Market Cap/Market Capitalisation Share warrant The value of a company shares, consolidated between A paid-up share which can be transferred by its holder to their price(s) on one or more stock exchanges at any another party without any need for a registered transfer given moment. (UK). Ordinary shares SPVs/SPEs Those which normally carry voting rights (see also Special Purpose Vehicles or Entities provide a means of Shares and Preference shares). isolating risks taken by a bank or other company. Market capitalisation: The market value of the equity of a company, calculated as the share price multiplied Stock by the number of shares outstanding. Ordinary or common shares held in a company.7 Glossary of Mining and Finance Terms – an ebook by www.minesandmoney.com
  8. 8. Other Mining Finance Terms (continued) SWF Sovereign Wealth Fund An investment agency of a state government in onshore and offshore companies. Underwriting The process by which an issue of equity, debt, bonds, is afforded credit worthiness. Venture Capital Start-up funding provided for new companies (in the case of mining, usually junior exploration companies) and generally classified as part of private equity. Top 3 BHP Billiton, Rio Tinto and Vale Top 4 BHP Billiton, Rio Tinto, Vale, and China Shenhua Top 5 Diversifieds BHP Billiton, Rio Tinto, Vale, Anglo and Xstrata Top 10 BHP Billiton, Rio Tinto, Vale, China Shenhua, Anglo American, Barrick Gold, Xstrata, Glencore, Goldcorp and Coal India Top xx xx of the world’s largest mining companies by market capitalisation8 Glossary of Mining and Finance Terms – an ebook by www.minesandmoney.com
  9. 9. Common Mining Terms By-products Inferred Mineral Resource Any products that emanate from the core process of That part of a Mineral Resource for which tonnage, grade producing a primary metal including gold, silver, uranium and mineral content can be estimated with a low level of and sulphuric acid. confidence. It is inferred from geological evidence and assumed but not verified in terms of geology and/or grade CofW continuity. It is based on information gathered through Contract of Work setting out the Host Government’s fiscal appropriate techniques from locations such as outcrops, terms for mine development over the life of mine (LOM). trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability. Comminution Comminution is the crushing and grinding of ore to Leaching make a metal available for treatment. (See also “Milling”). Dissolution of metal from crushed or milled material using acid or cyanide, including reclaimed slime, before further processing. Contained metal The total metal content (tons multiplied by grade) of the Life of mine (LOM) material being described. Number of years that the operation is planning to mine and treat ore, and is taken from the current mine plan. Cut-off Grade The minimum grade at which a unit of ore will be Measured Mineral Resource mined to achieve the desired economic outcome. That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content Depletion can be estimated with a high level of confidence. It is based The decrease in quantity of ore in a deposit or property on detailed and reliable exploration, sampling and testing, resulting from extraction or production. information gathered through appropriate techniques from Development locations such as outcrops, trenches, pits, workings and drill The process of accessing an ore body through shafts holes. The locations are spaced closely enough to confirm and/or tunnelling in underground mining operations. geological and grade continuity. Dmt Metallurgical plant Dry metric tonne. A processing plant erected to treat ore and extract gold. Milling: A process of reducing broken ore to a size at which Electro-winning concentrating can be undertaken. (See also “Comminution”). A process of recovering metal from solution by means of electrolytic chemical reaction into a form that can be Mine call factor smelted easily. The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing EPCM with the amount estimated in the ore based on sampling. The A style of project development contract where the ratio of contained metal delivered to the metallurgical plant contractor is responsible for Engineering, Procurement, divided by the estimated contained metal of ore mined based Construction and Management. on sampling. Grade Mineral Deposit The quantity of metal contained within a unit weight of A mineral deposit is a concentration of material of possible metal bearing material generally expressed in ounces economic interest in or on the Earth’s crust. per short ton of ore for gold (oz/t), or grams per metric tonne (g/t) and as a % for most other metals. Mineral Resource A concentration or occurrence of material of economic Indicated Mineral Resource interest in such form, quality and quantity that there are That part of a Mineral Resource for which tonnage, density, reasonable prospects for eventual economic extraction. shape, physical characteristics, grade and mineral content The location, quantity, grade, geological characteristics and can be estimated with a reasonable level of confidence, continuity are known, estimated or interpreted from specific based on exploration sampling and testing information geological evidence and knowledge. Mineral Resources are gathered through appropriate techniques from locations subdivided, in order of increasing geological confidence, into such as outcrops, trenches, pits, workings and drill holes. Inferred, Indicated and Measured categories. The locations are too widely spaced to confirm geological and/or grade continuity but are spaced closely enough for Ounce (oz) (troy) continuity to be assumed. Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams.9 Glossary of Mining and Finance Terms – an ebook by www.minesandmoney.com
  10. 10. Common Mining Terms (continued) Ore Reserve Rehabilitation The economically mineable part of a Measured and The process of reclaiming land disturbed by mining to allow Indicated Mineral Resource. It includes diluting materials an appropriate post-mining use. Rehabilitation standards are and allowances for losses, which may occur when the defined by country-specific laws including, but not limited to material is mined. Appropriate studies have been carried out the US Bureau of Land Management, the US Forest Service, including consideration of and modification by realistically and the relevant Australian mining authorities, and address assumed mining, metallurgical, economic, marketing, legal, among other issues, ground and surface water, topsoil, final environmental, social and governmental factors. These studies slope gradient, waste handling and re-vegetation issues. demonstrate that at the time of reporting extraction could reasonably be justified. Ore Reserves are sub-divided into Shaft Proven & Probable and Possible Ore Reserves. A (sub)vertical excavation for accessing a mine underground used to transport personnel, equipment & supplies; hoisting Pay limit ore & waste; ventilation & utilities; and/or as an auxiliary exit. The grade of a unit of ore at which the revenue from the recovered mineral content of the ore is equal to the total cash cost Smelting including Ore Reserve Development and stay-in-business capital. A pyro-metallurgical operation in which metal is further This grade is expressed as an in-situ value in grams per tonne, refined or separated from impurities. ounces per short ton or % (before dilution and mineral losses). Stay-in-business capital Probable Reserve Capital expenditure to maintain existing production assets. The economically mineable part of an Indicated, Measured This includes replacement of vehicles, plant and equipment, Mineral Resource. It includes diluting materials and ore reserve development and capital expenditure related to allowances for losses which may occur when the material safety, health and the environment. is mined. Appropriate studies have been carried out, and include consideration of and modification by realistically Stope assumed mining, metallurgical, economic, marketing, legal, Underground excavation where the orebody is extracted. environmental, social and governmental factors. These studies Stoping demonstrate at the time of reporting that extraction could The process of excavating ore underground. reasonably be justified. Stripping ratio Productivity The ratio of waste tonnes to ore tonnes mined calculated An expression of labour productivity based either on the ratio as total tonnes mined less ore tonnes mined divided by ore of ounces of gold or tonnes of metal produced per month tonnes mined. to the total number of employees, area mined (in square metres) or metres advanced per month to the total number of Tailings employees in underground mining operations. Finely ground rock of low residual value from which valuable minerals have been extracted. Proved Reserve The economically mineable part of a Measured Mineral Tailings dam (slimes dam) Resource including diluting materials and allowances Facilities designed to store discarded tailings. for losses which may occur when the material is mined. Appropriate studies have been carried out and include Ton consideration of and modification by realistically assumed Used in imperial statistics equal to 2,240 pounds or 2,000 mining, metallurgical, economic, marketing, legal, pounds referred to as a short ton. environmental, social and governmental factors. These studies demonstrate at the time of reporting that extraction could Tonnage reasonably be justified. Quantity of material measured in tonnes or tons. Project capital Tonne Capital expenditure to either bring a new operation into Used in metric statistics equal to 1,000 kilograms. production; to materially increase production capacity; or to materially extend the productive life of an asset. Waste Material that contains insufficient mineralisation for consider- Recovered grade ation for future treatment and, as such, is discarded (see tailings). The recovered metal content per unit of ore treated. Yield Refining The amount of valuable mineral or metal recovered from each unit The final purification process of a metal or mineral. of ore expressed as oz per short ton or grams per metric tonne or %.10 Glossary of Mining and Finance Terms – an ebook by www.minesandmoney.com
  11. 11. Destinations 2013 2013 – 22, h 18 tion Marc onven re, ong C nt H ong K ibition Ce & Exh ong Kong HLondon • Hong Kong • Beijing • AustraliaBringing together some of the most influential decision-makers withinmining companies and the investment community, the hugely successful June 17-19, 2013Mines and Money shows provide a platform where the best of mining China World Convention Hall, Beijing, Chinaand exploration can be showcased to investors from around the world.Recognised as the best international forum for networking in London,Hong Kong, Beijing, and Sydney, the events are fixtures in the diaries Australiof industry leaders. a Octob er 14 – 16, 20 SCEC, 13Whether you are a mining or exploration company seeking investors, or Syd Austra ney, liaan investor seeking the next hot mining growth opportunity, Mines andMoney has something for you. Contact: Sponsorship & Exhibition Enquiries Pablo Martin T +44 (0) 7957 164107 / +44 (0)20 7216 6063 D The ecemb E Pablo.martin@minesandmoney.com Bus e ine r 1 – 5 ss D ,2 Lon esign 013 Delegate and Registration Enquiries don Cen tre, London E delegatesales@minesandmoney.com • T +44 (0)20 7216 6071 Hong Kong E info@beaconevents.com • T +852 2219 0111 www.minesandmoney.com Finance Finance Mining finance Mining finance masterclass masterclass explained explained In association with In association with Mining Finance Masterclass is aacomprehensive Finance Masterclass is comprehensive London • Hong Kong • • Beijing • Australia London • Hong Kong Beijing • Australia training course that will help you understand course that will help you understand mining finance quickly and in depth from both Course highlights Course highlights finance quickly and in depth from both the banker’s and the miner’s point of view. the banker’s and the miner’s point of view. • Learn the terminology of mining finance • Learn the terminology of mining finance • Understand how mining finance differs to equity • Understand how mining finance differs to equity Jakarta Jakarta February 21 - -22, 2013 February 21 22, 2013 investments and corporate finance investments and corporate finance • Discover when finance required throughout Singapore Singapore February 25 - -26, 2013 February 25 26, 2013 • Discover when finance isis required throughout the different stages of mine development the different stages of mine development Hong Kong Hong Kong February 28 - -March 1, 2013 February 28 March 1, 2013 • Identify who requires finance and how it is • Identify who requires finance and how it is London London May 2 --3, 2013 May 2 3, 2013 provided provided Vancouver May 6 --7, 2013 • Grasp how finance is structured in the mining Vancouver May 6 7, 2013 • Grasp how finance is structured in the mining New York May 9 - 10, 2013 industry New York May 9 - 10, 2013 industry • Understand the risks involved in mining finance Toronto June 6 - 7, 2013 • Understand the risks involved in mining finance Toronto June 6 - 7, 2013 • Save hours of research time and practise what you London June 17 - 18, 2013 • Save hours of research time andbased on what you learn in class with case studies practise real-life London June 17 - 18, 2013 learn in class with case studies based on real-life scenarios scenarios Organised by Organised by www.mining-finance-masterclass.com www.mining-finance-masterclass.com

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