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50 - MISC - Miscellaneous Courses


MISC 222 - Introduction to Mineral and Exploration Economics

Code Start Date Duration Venue
MISC 222 12 September 2022 5 Days Istanbul Registration Form Link
MISC 222 07 November 2022 5 Days Istanbul Registration Form Link
MISC 222 05 December 2022 5 Days Istanbul Registration Form Link
Please contact us for fees

 

Course Description

This course provides participants with a solid foundation in the fundamental principles of mining economics. It focuses on cost efficiencies involved in every step of the mining process and provides an introduction to systematic planning and the importance of engineering decision-making based on costs.

Course Objectives

  • Describe best practice systematic mine planning
  • Explain the importance of engineering decisions based on costs
  • Define the concept of scarcity and how it relates specifically to exhaustible resources
  • Interpret the way in which the theory of mineral supply, the generation of mineral rents, the capture of rents and their distribution to a variety of stakeholders is undertaken
  • Perform break-even analysis
  • Describe costs from an economic perspective
  • Apply economic criteria to real-life decision making

Who Should Attend?

  • Mining geologists
  • Mining engineers 
  • Mineral process engineers
  • Financial Accountants
  • Business Analysts
  • Mine Management / Superintendents
  • Consultants and Advisors involved in the minerals industry

Course Details/Schedule

Day 1

  • Integrating economics into mining
  • Economics of exploration
  • Measures of natural resource scarcity 
  • Classification of mineral resources

Day 2

  • Overview of the Mine Planning process
  • Nature of mineral rents 
  • The mineral industry cost curve
  • Capital & operating costs

Day 3

  • Economics of exhaustible resources and scarcity
  • Marginal analysis of mineral operations
  • Optimal rate of mineral depletion 
  • The optimisation of resource allocations

Day 4

  • Natural resource accounting
  • Time value of money
  • Break-even analysis
  • Cost effective mining schemes

Day 5

  • Costs from an economic perspective
  • Development strategies for maximum value
  • Intertemporal equity, conservation, and efficiency
  • Effects of technology and investments under uncertainty
  • Economic growth and sustainable development