Industry collaboration adding value to exploration success - Trench et al - M...John Sykes
Industry collaboration adding value to exploration success - Trench et al - Mar 2015 - Centre for Exploration Targeting / Curtin University / University of Western Australia
Influencing exploration choices in copper at a strategic level - Sykes et al ...John Sykes
Influencing exploration choices in copper at a strategic level - Sykes et al - Dec 2014 - Centre for Exploration Targeting / Curtin University / University of Western Australia
Republic of South Sudan: Mining Investment Opportunities in South SudanMining On Top
Mining Investment Opportunities in South Sudan
Hosted by Dr Andu Ezbon Adde, Under Secretary Mining
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Industry collaboration adding value to exploration success - Trench et al - M...John Sykes
Industry collaboration adding value to exploration success - Trench et al - Mar 2015 - Centre for Exploration Targeting / Curtin University / University of Western Australia
Influencing exploration choices in copper at a strategic level - Sykes et al ...John Sykes
Influencing exploration choices in copper at a strategic level - Sykes et al - Dec 2014 - Centre for Exploration Targeting / Curtin University / University of Western Australia
Republic of South Sudan: Mining Investment Opportunities in South SudanMining On Top
Mining Investment Opportunities in South Sudan
Hosted by Dr Andu Ezbon Adde, Under Secretary Mining
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Production Costs at Australia's Underground Gold MinesSam Ulrich
AusIMM Underground Operators' Conference Presentation given 16 October 2017. Providing an understanding on production costs at Australia's underground gold mines and some implications for mine owners and M&A.
NioGold Mining Corporation is a mineral exploration company with
its flagship projects located in the Cadillac - Malartic - Val-d’Or stretch of the prolific Abitibi gold mining district, Province of Quebec, Canada. These mining camps have produced over 45 million ounces of gold since the 1930’s and currently host seven producing gold mines. NioGold’s land holdings within the district presently cover 130 km2, including the Marban
Block property, which encompasses three former gold producers that collectively produced 600,000 ounces of gold. NioGold has received an updated resource estimate for the Marban Block of 2,069,000 oz gold (including the Marban, Norlartic and Kierens deposits).
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the large Newmont Lake Project in the broader Eskay region in the heart of Northwest B.C.'s Golden Triangle.
St George Mining (ASX:SGQ) Investor Presentation September 2014Symposium
September 2014 – St George Mining ASX:SGQ, presented their latest investment update to over 300 investors in Sydney and Melbourne.
In this investor update, John Prineas, Managing Director of St George Mining gives an overview of their current position and opportunities.
For more information about SGQ, visit http://www.stgeorgemining.com.au
For more information about Symposium’s Investor Roadshows, visit http://symposium.net.au/InvestorRoadshow/
Silver City Minerals | ASX:SCI | RIS2014 Broken Hill Investor PresentationSymposium
Silver City Minerals ASX:SCI - Investor presentation delivered at the 4th annual Resources Investment Symposium held in Broken Hill NSW Australia, 26-28 May 2014.
Production Costs at Australia's Underground Gold MinesSam Ulrich
AusIMM Underground Operators' Conference Presentation given 16 October 2017. Providing an understanding on production costs at Australia's underground gold mines and some implications for mine owners and M&A.
NioGold Mining Corporation is a mineral exploration company with
its flagship projects located in the Cadillac - Malartic - Val-d’Or stretch of the prolific Abitibi gold mining district, Province of Quebec, Canada. These mining camps have produced over 45 million ounces of gold since the 1930’s and currently host seven producing gold mines. NioGold’s land holdings within the district presently cover 130 km2, including the Marban
Block property, which encompasses three former gold producers that collectively produced 600,000 ounces of gold. NioGold has received an updated resource estimate for the Marban Block of 2,069,000 oz gold (including the Marban, Norlartic and Kierens deposits).
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the large Newmont Lake Project in the broader Eskay region in the heart of Northwest B.C.'s Golden Triangle.
St George Mining (ASX:SGQ) Investor Presentation September 2014Symposium
September 2014 – St George Mining ASX:SGQ, presented their latest investment update to over 300 investors in Sydney and Melbourne.
In this investor update, John Prineas, Managing Director of St George Mining gives an overview of their current position and opportunities.
For more information about SGQ, visit http://www.stgeorgemining.com.au
For more information about Symposium’s Investor Roadshows, visit http://symposium.net.au/InvestorRoadshow/
Silver City Minerals | ASX:SCI | RIS2014 Broken Hill Investor PresentationSymposium
Silver City Minerals ASX:SCI - Investor presentation delivered at the 4th annual Resources Investment Symposium held in Broken Hill NSW Australia, 26-28 May 2014.
Exploration and discovery: Do frameworks and organisation matter?John Sykes
Framing business complexity in exploration:
First, some things around risk & value complexities…..
Then, some thinking around everyday frameworks and standards…..
Some thoughts on a framework for project-level complexity…
And a simple example: The Sinclair Zone Cesium Mine, Western Australia
Finally, the exploration organisation study that keeps on giving…
A global overview of the geology and economics of lithium productionJohn Sykes
Lithium demand is growing fast, driven by a wide range of battery applications, which are in turn changing the structure of
demand, the lithium supply chain and potentially raw material requirements though much still remains uncertain;
•
Geologically ‘brine’ salars and ‘hard rock’ pegmatites remain the most important lithium deposit types in terms of
production and undeveloped resources, however, there are some interesting emerging sedimentary / clay deposits and
unconventional brine concepts and lithium remains very ‘under explored’ globally;
•
Spodumene pegmatites in Australia are the fastest growing source of supply, however, long term competitiveness may be
dependent on successful downstream integration targeting the battery industry;
•
The concept of a Western Australian ‘Lithium Valley’ is possible, despite high costs, due to the number of quality mines,
proximity to Asia, and the unit reduction in freight costs associated with the low grade spodumene concentrate , in addition
to the ‘cluster effect’ of many minerals businesses, specialists and students;
•
The ‘green’ association of lithium use presents a challenge of ‘strategic coherence’ to explorers and miners impacting
decisions around exploration, mining, investors, stakeholders, and leadership;
•
But remember, we are in an unsustainable ‘lithium boom’ of high prices and high volume growth future long term growth
of the industry is reliant on structurally lower prices, and thus structurally lower costs.
Australia's advantage on the periodic table and the significance of emerging ...John Sykes
Opportunities are not equal
Some nearer ‘break out’ than others fewer solutions
required
Some challenges are more ‘resolvable’ than others
Some ‘break outs’ will be bigger than others
Key is to focus on those ‘near breakout’ with resolvable (i.e.
technical, geological) issues, and that have a big pay off
My PhD Or: How I Learned To Stop Worrying And Love Mining Or: Using Scenarios...John Sykes
Explorers, exploration teams, and exploration companies will require a broader skill set in the future including:
• a better philosophical understanding of the nature of exploration and discovery
• better understanding of the cognitive processes involved in exploration and discovery;
• developing strategies and capabilities to effectively enter emerging commodity markets;
• building a diverse exploration culture to bring in ideas from other industries and disciplines;
• switching from a focus on economic value to shared value;
• developing a stronger innovation and technology culture;
• encouraging creativity and ideation;
• linking short and long term thinking;
• improving the image of exploration;
• monitoring local and global socio political, economic and technological trends and
• measuring and understanding the potential impact of these trends;
• encouraging a collective approach to ‘big exploration’.
Perhaps with these capabilities we can resolve the ‘discovery constraint’ on the minerals industry.
Australian gold in 40-years: The need for greenfields explorationJohn Sykes
1. Landmark report looks out 40 years critically includes the impact of resource quality, exploration, and uncertainty;
2. Over the short term (<5 years) production will be dominated by existing mines;
3. Over the medium term (5 10 years) production will come from new mines based on known deposits, however, it is not enough to offset the decline (mainly due to ‘quality’ issues);
4. In the long term (10 40 years) exploration success will play a major role in overcoming much of the looming shortfall in gold production…
5. Consequently, in forty years time almost all of Australia’s future gold production will come from exploration successes…
6. ...even so, production and revenues are set to fall by half over the next 40
7. Also note that in 13 years half of Australia’s gold production will come from mines that are yet to be discovered…
8. …but the weighted average delay between discovery and development is also 13 years
9. For the gold industry to maintain production at current levels over the longer term, it will either need to double the amount spent on exploration or double its discovery performance
10. And finally, with sensitivity studies indicating each additional dollar spent on exploration (over the next ten years) generates extra revenue of ~$11.40 over the next 40 years there is incentive for both industry and government to further invest in gold exploration!
A Mining and Exploration Industry Perspective on the Energy TransitionJohn Sykes
The transition to renewable energy from fossil fuels will both fundamentally change the structure of minerals demand, and the process of mining. The mining and exploration sector in its current form may struggle to re-align mineral production to match these new demand patterns, whilst at the same time undergoing a significant shift in production technology.
The ‘CET Scenarios’ Programme was established to investigate structural discontinuities, of this kind, in the future of mining. One discontinuity investigated was the energy transition. Two scenarios were developed: one involving a voluntary and complete energy transition driven by industrial innovation and framed by concerns over sustainable development (‘Wonderland’); and another with a forced and partial energy transition driven by government and framed by geopolitical (strategic) concerns over raw materials security (‘1984’).
Following the development of the scenarios further research was conducted into the interaction of the mining and exploration sector with the energy transition, sustainable development and resource security, with the aim of better informing corporate strategy.
The strategic recommendations to the mining and exploration sector for re-aligning with changing, but unknown minerals demand patterns, and exploration and production technologies, included techniques for monitoring ‘progress in transition’, ‘horizon scanning’, market analysis, capabilities analysis, and ensuring strategic coherence.
An emphasis was placed on developing creative, social, adaptable and varied thinking skills amongst mining and exploration sector professionals and researchers.
NOTE: This presentation was made in 2018 not 2011!!!
Strategic Thinking About Long-Term 'Above Ground' Orebody Complexity Using Sc...John Sykes
AIMS:
1. Explain what is wrong with strategic planning and why we need scenarios;
2. Explain what scenarios are (and their many variants);
3. Show an example of a scenarios programme: the CET ‘Future of Exploration’ Scenarios
4. MAIN FOCUS: Discuss the benefits of scenarios as a strategic thinking tool
Graphite mining and the energy transition - Sykes - Nov 2017 - MinEx ConsultingJohn Sykes
This presentation is also available on the MinEx Consulting website, along with a number of other detailed presentations on minerals exploration. All are free to download: http://www.minexconsulting.com/publications/nov2017.html
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Is grade King in gold mining? - Ulrich et al - Sep 2016 - Centre for Exploration Targeting / The University of Western Australia
1. IS GRADE KING IN GOLD?
A preliminary analysis of
gold production costs at
Australian & New Zealand
mines
Sam Ulrich, MAusIMM12
Matt Kanakis3†
David Groves1
Steffen Hagemann1
John P. Sykes, MAusIMM14
& Allan Trench, FAusIMM156
1. Centre for Exploration Targeting, The University of Western Australia
2. Ravensgate Mining Industry Consultants, Australia
3. KPMG, Australia
4. Greenfields Research, United Kingdom
5. Business School, The University of Western Australia
6. CRU Group, United Kingdom
† Today’s presenter
AusIMM New Zealand Branch Conference: Wellington, New Zealand: 6 September 2016
2. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
We need to mine and find better gold ore
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New ZealandSlide 2 of 33
3. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
But what is better ore? Higher grade?
Costs($AU)
Grade (g/t)
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Higher grade = lower cost mines
Lower grade = higher cost mines
Source: Kanakis (2014)
Slide 3 of 33
4. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
No! It is more complex than that
0
200
400
600
800
1000
1200
1400
1600
1800
2000
0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00
AllinSustainingCosts($AU)
Operating Grade Q4 (g/t)
Open Pit Underground
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: Kanakis (2014)
Slide 4 of 33
5. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Initial investigation: Gold costs and
geology (Kanakis, 2014)
Is grade king in gold?
A preliminary analysis of gold production costs at Australian and New Zealand mines
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New ZealandSlide 5 of 33
6. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Back in 2013 it was all about ‘costs’
0
2
4
6
8
10
12
1989 1994 1999 2004 2009
Millionsofounces
Australian Production of
Gold (1989-2013)
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: USGS and Taggart (2013)
2013 Gold Industry Paradigm
• Rising mining costs;
• Flat production growth;
• Flat or falling prices;
• Weak shareholder returns.
• Interest was in linking costs
and geology at a higher-level
than ‘deposit-scale’ so that we
could begin making predictive
statements about what types
of deposit generally are mined
with lower costs.
0
200
400
600
800
1000
1200
1400
1600
1800
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
US$/ounce
Increases in costs over
time
Growth Capex Cost
All-In-Costs
Gold Price
Slide 6 of 33
7. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Study covered all of Australia & NZ
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: Kanakis (2014)
Slide 7 of 33
8. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
All the famous gold geological provinces
Q4 2013
Australia & NZ
gold production
by Geological
Province
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
% of Total Gold
Production
No. of Operating
Gold Mines
Source: Kanakis (2014)
Slide 8 of 33
9. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Initial results: There are gold cost-
geology linkages (Kanakis, 2014)
Is grade king in gold?
A preliminary analysis of gold production costs at Australian and New Zealand mines
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New ZealandSlide 9 of 33
10. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Sedimentary vs. igneous host rock unclear
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Sedimentary
Igneous
Neither
Source: Kanakis (2014)
Q4 2013 Australia & NZ
% of deposits by host
rock in each cost
quartile
Slide 10 of 33
11. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
But plutonic over volcanic igneous matters
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Volcanic
Plutonic
Neither
Source: Kanakis (2014)
Q4 2013 Australia & NZ
% of deposits by host
rock in each cost
quartile
Slide 11 of 33
12. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Does mineralisation-style matter?
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Increasing dispersion of mineralisation
Increasingthicknessofmineralisation
Quartz reef /
lode / lens
Quartz
tension vein
Uneconomic thin
quartz veins
Thick laminated
quartz veins
Ladder quartz
veins
Thin stockwork
vein system
Thicker veins
in shear zone
Dispersed breccia
hosted mineralisation
LODE / VEIN STYLE MINERALISATION
ALTERATION ZONE & DISSEMINATED SULPHIDE HOSTED
MINERALISATION
Source: Kanakis (2014)
Slide 12 of 33
13. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Disseminated mineralisation is important
Q4 2013 Australia & NZ
% of deposits by
mineralisation style in
each cost quartile
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Vein / Reef Style
Disseminated Style
Source: Kanakis (2014)
Slide 13 of 33
14. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Refractory mineralisation may also matter
Q4 2013 Australia & NZ
% of deposits by free-milling
vs refractory ore in each
cost quartile
NB: Potentially due to the by-
products often found in refractory
sulphide ores (e.g. copper).
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Free-milling
Refractory
Source: Kanakis (2014)
Slide 14 of 33
15. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Does deposit geometry matter?
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: Kanakis (2014)
Slide 15 of 33
cylindrical
equidimensional
16. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Equidimensional geometry matters too
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Q4 2013 Australia & NZ
Cost curve by deposit
geometry
NB: Gently dipping
planar deposits also give
lower costs than steeply
dipping planar deposits.
Source: Kanakis (2014)
Planar Deposit
Cylindrical Deposit
Equidimensional
Deposit
Slide 16 of 33
17. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Initial implications: Geology
matters! (Kanakis, 2014)
Is grade king in gold?
A preliminary analysis of gold production costs at Australian and New Zealand mines
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New ZealandSlide 17 of 33
18. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Grade is engineered away; geology is not
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: Kanakis (2014)
Slide 18 of 33
19. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Initial study weaknesses: Not big
enough… (Kanakis, 2014)
Is grade king in gold?
A preliminary analysis of gold production costs at Australian and New Zealand mines
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New ZealandSlide 19 of 33
20. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
What about deposit type? We don’t know
• Orogenic and epithermal
deposits gave variable results;
• Porphyries were very low cost
except for Boddington;
• Not enough data for IOCG
deposits;
• There is not much to go with
here…
• This was effectively a study of
the economics of orogenic gold
deposits.
0 10 20 30 40 50
Orogenic
Epithermal
Porphyry
VHMS
IOCG
No. mines in the study by deposit type
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: Kanakis (2014)
Slide 20 of 33
21. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Mine maturity & cost cycle unconsidered
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: Kanakis (2014); Trench & Sykes (2014)
Slide 21 of 33
22. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Correlation not causality
• Some hypotheses suggested for link between geological
factors and gold production costs, but no causality
confirmed:
– Grade advantage is engineered away in complex
deposits?
– Non-equidimensional deposits have greater strip ratios?
– Bulk mining more important than ‘high grade’ mining?
– Higher bond work index of unmineralised host rock is
more costly to process?
– Refractory deposits more costly to process but this is
overcome by the presence of valuable by-products?
– Complex deposits have higher unit labour costs?
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: Kanakis (2014)
Slide 22 of 33
23. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Expanded investigation: Gold costs
and geology (Ulrich et al., 2016-19)
Is grade king in gold?
A preliminary analysis of gold production costs at Australian and New Zealand mines
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New ZealandSlide 23 of 33
24. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
In 2016 we’re back to focusing on growth
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: USGS; Perth Mint
2016 Gold Industry Paradigm
• Falling costs;
• AUD weakening;
• Strong returns;
• Focus on production growth;
• Rise of Northern Star,
Evolution etc.
• Discovery of Gruyere, Andy
Well etc.
• But how long can this
last?
7
7.5
8
8.5
9
9.5
10
2006200720082009201020112012201320142015
Millionsofounces
Australian Production of
Gold (2006-2015)
1,000
1,200
1,400
1,600
1,800
2,000
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Millionsofounces
Gold Price AUD vs USD
(2011-2015)
Slide 24 of 33
25. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
But running short of ‘quality’ ore
• Australia & NZ good at growing ‘resources’ (i.e. EDR),
now often 5-35 years worth;
• But struggle to make dramatic increases in ‘reserves’;
• Many of Australia’s best mines are its oldest;
• 14% of gold is mined at operations with less than 2
years of reserves…
• 38% of gold is mined at operations with less than 5
years reserves…
• Average reserve life is 5.4 years.
• More high quality (i.e. reserve standard) ore discoveries
required – both greenfield and brownfield;
• Once again we’re trying to understand ‘high quality’…
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: Ulrich et al., (2016)
Slide 25 of 33
26. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Hypothesis remains: grade is not quality
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Q1 2016 Australia & NZ
All-in-Sustaining Cost
(ASIC) vs Gold Grade
Source: Ulrich et al., (2016)
Slide 26 of 33
27. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Causality emerging: Focus on mining
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Grades and costs correlate at the processing stage, but not the mining stage, suggesting that the geological factors
influencing processing (e.g. bond work index) are less important than those that influence mining (e.g. geometry).
Q1 2016 Australia & NZ
ASIC Mining Cost vs Gold Grade
Q1 2016 Australia & NZ
ASIC Processing Cost vs Gold Grade
Source: Ulrich et al., (2016)
Slide 27 of 33
28. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
More analysis to come…
• Longer time series of
analysis to confirm initial
findings;
• And account for mine
maturity and cost cycle;
• Deeper investigation into
causality linking geology and
cost in gold mining;
• Wider consideration of non-
technical industry factors
that may be important.
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: Ulrich et al., (2016)
Slide 28 of 33
29. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Conclusions: How does geology drive
costs and why does it matter?
Is grade king in gold?
A preliminary analysis of gold production costs at Australian and New Zealand mines
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New ZealandSlide 29 of 33
30. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Are we rising or stalling?
• The Australia & NZ gold mining industry must remain competitive through the industry cost cycle:
– Reducing costs during periods when margins are squeezed (i.e. 2013);
– Bringing on new, competitive supply when margins are increasing (i.e. now).
• A ‘rise & stall’; or ‘rise & fall’ scenario is a material risk otherwise;
– Emerging signs of success in both production growth (Northern Star, Evolution etc.) and recent discoveries (Andy Well, Gruyere, Tropicana etc.)
– However whilst ‘resource’ growth is strong, we remain short of mineable ‘reserves’;
– A focus on discovering and mining more ‘reserves’ rather than ‘resources’ required.
• ‘Grade is king’ over-simplifies the sector’s mine economics;
– Geological factors such as mineralisation style, deposit geometry and host rock are at least as important as grade at an industry-level;
– Future greenfields and brownfield exploration may have to consider these factors earlier in the exploration process (but how?);
– M&A due diligence may need to add greater weight to such factors;
– Non-grade geological factors may increase in importance in mine planning.
• Clearly more research is required in this important area of study.
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New ZealandSlide 30 of 33
31. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
If Grade is KING; Geology is the ACE
• Equidimensional deposit;
• With disseminated
mineralisation;
• Hosted in plutonic igneous rocks;
• Potentially with by-product rich
refractory ore;
• And maybe some high grade
ore…
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New Zealand
Source: Kanakis (2014)
Slide 31 of 33
32. THANK YOU
CONTACT DETAILS
Sam Ulrich: sam.ulrich@research.uwa.edu.au
Matt Kanakis: mkanakis@kpmg.com.au
David Groves: di_groves@hotmail.com
Steffen Hagemann: steffen.hagemann@uwa.edu.au
John P. Sykes: john.sykes@research.uwa.edu.au
Allan Trench: allan.trench@uwa.edu.au
AusIMM New Zealand Branch Conference
Wellington, New Zealand: 4-6 September 2016
33. Is grade king in gold? A preliminary analysis of gold production costs at Australian and New Zealand mines
Further reading
• Ulrich, S., Kanakis, M.D., Groves, D., Hagemann, S., Sykes, J.P. & Trench,
A. 2016. Is Grade King in Gold? A Preliminary Analysis of Gold Production
Costs at Australian and New Zealand Mines. AusIMM New Zealand Branch
Conference. Wellington, New Zealand. 4-6 September.
• Kanakis, M.D. 2014. Geological Factors that Influence the Cost of
Production in Currently Operating Gold Mines within Australia and New
Zealand. BSc (Mineral Geoscience) Honours Thesis. The University of
Western Australia.
05 Sept 2016AusIMM New Zealand Branch Conference,Wellington, New ZealandSlide 33 of 33