Is Bigger Better? Building Market Resilience into Process Plant Design

摘要

In an environment of accelerating capital costs, limited capital availability and strongly cyclic metal prices, there is a difference between a robust mining and processing operation and one that would maximise shareholder returns in an idealised world. A higher cut-off grade policy is likely to improve operating margins and may reduce the scale of operations and thus limit capital exposure. This will leave some metal in the ground, but it is marginal material which carries the greatest cost and risk exposures. Where do we draw the line?