Mining is a long-term business that requires extremely high levels of investment. It also presents significant risks related to uncertainties, but potentially extraordinary rewards for shareholders, industry stakeholders and society. To maximise these rewards over the lifetime of precious, but limited mineral assets, a clever strategic approach to mining must be carefully developed and systematically implemented. A strategic approach is generally focused on achieving a company's long-term goals by proac-tively addressing potential industry risks, gaps and uncertainties. At the highest level of the business, global mineral investment strategies are devised to build and maintain a competitive portfolio of mineral resource assets. The strategies must account for the geo-political risk of operating in challenging world regions, which must be balanced against the potential financial gains of investing in those regions. Realising the full potential of the portfolio is critical to business success and a "strategic approach to mining" is required to maximise the value of individual mineral assets.
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