The Business of Mining complete set of three Focus books will provide readers with a holistic all-embracing appraisal of the analytical tools available for assessing the economic viability of prospective mines. Each volume has a discrete focus. This second volume discusses, in some depth, alternative means of assessing the economic viability of mining projects based on the best estimate of the recoverable mineral and/or fossil fuel reserves.
The books were written primarily for undergraduate applied geologists, mining engineers and extractive metallurgists and those pursuing course-based postgraduate programs in mineral economics. However, the complete series will also be an extremely useful reference text for practicing mining professionals as well as for consultant geologists, mining engineers or primary metallurgists.
The Business of Mining complete set of three Focus books will provide readers with a holistic all-embracing appraisal of the analytical tools available for assessing the economic viability of prospective mines. Each volume has a discrete focus. This second volume discusses, in some depth, alternative means of assessing the economic viability of mining projects based on the best estimate of the recoverable mineral and/or fossil fuel reserves.
The books were written primarily for undergraduate applied geologists, mining engineers and extractive metallurgists and those pursuing course-based postgraduate programs in mineral economics. However, the complete series will also be an extremely useful reference text for practicing mining professionals as well as for consultant geologists, mining engineers or primary metallurgists.
Mineral project valuation
1 General overview of
valuation approaches and methodologies
1.1 The Cost Approach
1.2 The Market Approach
1.3 The Income Approach
1.4 Assessing risk and uncertainty
1.5 Discount rates and the cost of capital
1.6 Debt providers
1.7 Valuation of exploration properties
1.8 The Valmin Code
Emeritus Professor Odwyn Jones commenced work
as a mining trainee with the UK National Coal Board (NCB) in 1950
and was granted an Industry Sponsored Scholarship a few years later
to read for a mining engineering degree at the University College
of Wales, Cardiff, where he graduated with a BSc with first class
honours. He then returned to the industry, obtaining his Colliery
Manager’s Certificate.
In 1957 he accepted the position of Lecturer in Mining Engineering
at the Royal College of Science and Technology, Glasgow, which
later became Strathclyde University. His part-time research,
involving both laboratory work and field-testing at a local
colliery, was sponsored by the NCB, and he graduated with a PhD
from the University of Glasgow in the mid-sixties. In 1970 he
accepted the position of Principal Lecturer in Environmental
Technology of Buildings at the Polytechnic of the South Bank,
London, before moving on to Bristol Polytechnic in 1973 as Head of
Department of Construction and Environmental Health. In 1976,
Emeritus Professor Jones and his family moved to Western Australia
where he took up the joint posts of Principal of the WA School of
Mines, Kalgoorlie, and Dean of Mining and Mineral Technology at the
WA Institute of Technology, which later became Curtin University.
In 1991 he transferred from Kalgoorlie to the University’s main
campus in Perth as Director University Development (International)
and Director of the Brodie-Hall Research and Consultancy
Centre.
Having retired from the University in 1995, he served as Visiting
Professor at the Virginia Polytechnic Institute and State
University, Blacksburg, for a term before assisting Perth’s Central
TAFE in developing its minerals and energy-related programs, where
he stayed until 2001. He is a longstanding Member of Engineers
Australia, and Fellow of both the Australasian Institute of Mining
and Metallurgy and the Institute of Materials, Minerals and Mining
(UK). He was Deputy Chairman (1981–98) and Chairman (1998–2013) of
the Research Advisory Committee of the Minerals and Energy Research
Institute of WA, a Statutory Authority operating under its own Act
of Parliament. His recent awards include an Officer of the Order of
Australia in 2005 and the Australasian Institute of Mining and
Metallurgy’s Service Award for 2012–13. He was inducted into the
Australian Prospectors and Miners Hall of Fame in September
2013.
Dr Eric Lilford is a minerals economist and
engineer, with interests covering quantitative research, advanced
valuation methodologies, determining regulatory impacts on mineral
and energy economics to both companies and governments, commodity
trends, guiding mining and exploration companies, capital markets
and developing and executing economic growth and optimisation
strategies. Dr Lilford has multi-commodity and multi-jurisdictional
expertise obtained over 29 years in the resources industry in
technical, economic, financial, management and academic roles.
His current roles include lecturing and researching in minerals and
energy economics at Curtin University and progressing early-stage
studies for exploration companies focussed on Sub-Saharan Africa.
Dr Lilford retains the position of non-executive Chair of SSC, a
South African-based commodities focused company. He has also held
the chair of one and the managing director of three ASX-listed
companies, as well as NED positions of numerous other listed
companies. Prior to this, he was national head of mining and a
corporate finance partner at Deloitte Touche Tohmatsu in Perth.
Before emigrating to Australia, he was a director of project and
business development at BSGR, where he managed aspects of large
copper-cobalt projects, mines and plants located in Zambia and the
DRC.
Dr Lilford has conducted extensive mining and investment business
in more than 22 countries, has presented at numerous conferences
world-wide and has authored many peer-reviewed topical articles in
high quality journals. Dr Lilford holds a BSc and an MSc in
Engineering, and a PhD in Mineral Economics. He is a Fellow of the
Australasian Institute of Mining and Metallurgy.
Associate Professor Felix Chan is Director of
the Center for Research in Applied Economics (CRAE) at Curtin
University and an elected Fellow of the Modelling and Simulation
Society of Australia and New Zealand. He has served as an external
consultant to the Commonwealth Grant Commission (CGC), Department
of Treasury Western Australia and Chamber of Commerce and Industry
(WA). He received a bachelor degree in Computing and Mathematical
Science in 1996 and a first-class honours degree in Economics in
2000. This also holds a postgraduate diploma in Applied Mathematics
and received a PhD in Econometrics in 2005.
Associate rofessor Chan’s research interests include theoretical
and applied econometrics, time series econometrics, financial
econometrics, panel data analysis, applied statistics, risk
management and information theory. He has published widely,
including in the prestigious international journals Journal of
Econometrics, Econometric Theory, Journal of Applied Econometrics,
Econometric Reviews, Scientometrics and International Journal of
Forecasting.
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