High costs are simply a fact of life for most projects. That’s why it’s important to make sure a project is viable before you begin. Otherwise, you may end up investing in the project without knowing the key factors that contribute to its success.
When considering a mineral exploration project, due diligence is essential. In this field, that means carrying out studies and analyses to determine the best way to complete the project. For that, you need to consult subject matter experts, namely a mining expertise company. There are plenty of advantages to calling on experts for these types of projects, especially when it comes to economic studies. The biggest of these, by far, is that specialist firms often work with a wide variety of companies. Unlike companies that conduct studies internally, this gives them a broader view and means they’ve likely encountered similar situations to yours. That experience with a multitude of situations grants specialists the expertise and global view needed to consider all factors and variables during a study.
Economic studies are carried out at different levels and stages. Some steps are preliminary and intended to create a “big picture” view of the project, while others are more thorough and complex. The latter are based on geological models and multiple operating approaches, each of which come with their own costs. The models are a tool to examine and evaluate opportunities to achieve the best possible result. In some ways, economic studies are the final determination of a project’s feasibility.
The studies generally use models, rather than fieldwork, to optimize operations. This allows companies to examine and maximize all of their opportunities so they can achieve the best technical and financial results. In short, they’re a careful balance between the technical and the financial.
Economic studies involve, in order:
- Determining an operating approach
- Optimizing operations
- Assessing costs to determine project profitability
For economic studies, companies need to consider factors other than pure profitability to determine whether a project is viable. In particular, they need to look at associated costs, human resources, environmental factors, and social acceptability. Together, these factors form an inseparable whole.
Calling on subject matter experts
Technical challenges are undoubtedly the biggest reason why companies call on subject matter experts like InnovExplo. An expert firm like ours offers extensive knowledge and expertise, gathered during work with many different types of companies in the mining industry. This brings a wealth of ideas, process improvements, and techniques that help us make sure your projects are as profitable as possible.
We start by outlining the technical challenges, using different approaches and cutting-edge technologies. This is only possible because we constantly watch the latest technical and technological developments in the industry. Our goal is to integrate these developments into our projects as much as possible, to the benefit of our clients. This helps us show which approaches, options, and opportunities will have the most financial benefits; after all, profit is the very reason a project is considered in the first place.
Our technical knowledge and expertise in economic assessment let us determine the costs of implementing new technologies and analyze opportunities during the project. In addition, we’ve gained extensive experience from years of working with clients on projects around the world. As a result, we have developed rigorous methods to determine the accuracy and relevance of our data.
Our diverse team includes veteran experts who have spent years working with open-pit and underground mines. They work alongside younger teammates who use their technological savvy to help us integrate sophisticated cutting-edge technologies into our processes. This is reflected in our highly innovative approach to providing increasingly remarkable results. Our outstanding combination of innovation and experience lets us continue to set the bar ever higher, which translates into results and satisfaction that bring our clients back again and again.
Our experts have gained a lot of experience during their work in various mining companies. It’s a major contributor to the practical vision and expertise for which we are so well known. We have mastered the theoretical aspects of our industry while drawing upon our extensive practical experience and calling on knowledge that’s firmly anchored in our methodology. In addition, we work closely with our teammates to achieve the perfect balance of theoretical principles and practical experience.
Our multidisciplinary team unites its knowledge and experience with innovative approaches and technologies to help you make the most of your projects.
Learn more about our expert services: contact us