Day 1
TimeSessionPresenter
09:00-09:30
Introduction   
09:30-11:00

1.1 Value Creation in Mineral Projects
The cycle of value creation in mineral projects. Exploration Stage. The pyramid reflecting the evolution of a gold mineral exploration and evaluation programme. Drivers – Commodity Prices. Resource Base and Asset Life – Mineral Resources. Synergies and Portfolio Optimisation. Single project mining company stages of development and funding options. Funding Options for Mineral Projects  - Pre-Initial Public Offering, Listing, Joint Venture Agreement and Project Finance.

1.2 The origin of mineral deposits and their classification.
Terminology. Strategic minerals. Chemical composition of the Earths crust. Geochemically abundant ans scarce metals. Mineralogical barrier. Relationship between value and tonnage. Diversity.

D Buchanan
11.00-11.30 Break  
11.30-13.00

1.3 Resource Evaluation
Sampling. Diamond drill rig, crowns, core and core storage. Process Mineralogy. Concepts around Geological Continuity. Polygons of Influence and Inverse Distance. Geostatistical Methods.

D Buchanan
13.00-14.00 Lunch  
14.00-15.30

1.3 Resource Evaluation (Contd)
Experimental semi-variogram. Variogram showing the relationship ỵ(h) which relates the semi-variance of sample differences to distance between samples. Resource block model. Grade-tonnage relationships. Reserve and Resource Definitions. Drill spacing. Evaluation versus Production.

D Buchanan
15.30-15.45 Break  
15.45-17.00

1.4 Metals & Energy Project Appraisal & Finance
Nomenclature of documentation generated  in mineral project development.  Preliminary Feasibility Study (PFS) - Elements and Characteristics. Cost Estimation. Relationship Cost to Capacity.  Asset Optimisation. Full Technical Feasibility Study (FTFS)– Elements and Characteristics. Engineering Design Stages . Feasibility Studies  and the Information Memorandum. Construction. Construction Monitoring. Production Monitoring. Project Finance Parameters.

D Buchanan
Introduction to Mining for Bankers
Day 2
TimeSessionPresenter
09:00-09:30

2.1 Metal Reconciliation and Mineral Resource Management
Grade control.  Dilution. Mass balance.

2.2 Introduction to Mining Methods
Transition from open pit to underground.  Operating costs estimation. Economies of scale.

2.3 Surface Mining
Slope stability.  Stripping ratio.  Explosives. Loading. Transport

2.4 Underground Mining
Traditional  longwall. Room and pillar. Mechanisation.  Longhole stoping.  Block and panel caving.  Shaft sinking. Case histories.

T Shaw & D Buchanan
11.00-11.30 Break  
11.30-12.30

2.3 Constraints on Mineral Resource Development
Environmental impact assessment. Sustainable Development and the Moral Case for Mining. Occupational Health and Safety. Cost of Environmental Compliance and Closure Provision. Site Visits and Due Diligence

D Buchanan
12.30-13.30 Lunch  
13.30-15.00
2.4 Mineral Processing
The central role of mineralogy in effective mineral processing. Comminution. Liberation. Physical and chemical separation processes. Solid-liquid separation. Waste disposal
S Neethling
15.00-15.30
2.5 Extractive Metallurgy - Copper
Illustration of extractive metallurgy through the hydrometallurgy and pyrometallurgy of copper ores. Oxide ver sus sulphide ores. Flash smelting, converting and electro-refining. Heap, tank and in-situ leaching. Solvent extraction and electro-winning.
 
S Neethling
15.30-15.45 Break  
15.45-17.00
Extractive Metallurgy - Gold
Cyani de leaching. Gold recovery by CIP/CIL and electro- winning.
S Neethling
Introduction to Mining for Bankers
Day 3
TimeSessionPresenter
09:00-11:00

3.1 Introduction
Principles of DCF Modelling. Discount rate. Net Present Value. Internal Rate of Return. Payback Period and Choice of Discount Rate. Impact of different discount rates over time. Cash flow for a mineral project. Scenarios illustrating the range of economic performance indicators.

3.2 Building a financial model
Nominal versus real.

3.3 Valuation of Mineral Projects Based on Technical and Financial Modelling
Alternative methods – DCF , comparable transactions and appraised value method. Treatmen t of sunk capital

D Buchanan
11.00-11.30 Break  
11.30-13.00

3.4 Analysis of Risk and Uncertainty – Workshop Session
DCF exercise based on annuity tables. Review of spreadsheet-based solution. Sensitivity analysis. Application to Mo nte Carlo simulation techniques. Treatment of multivariant systems

3.5 Demonstration of IC-MinEval
Case history of gold operation.  Setting up base case

D Buchanan & T Shaw

13.00-14.00 Lunch  
14.00-15.30

3.6 Case History - Base Metals
Open pit nickel mine. Sample of DCF model worksheet. Annual cover ratios. Scenario analysis. Optimisation of gearing. Cost estimates. Different stakeholders. Reserve tail. Convergence of technical and financial risk

D Buchanan & T Shaw

15.30-15.45 Break  
15.45-17.00

3.7 Case History – Iron Ore
Iron ore minerals – Hematite and Magnetite. Magnetite and ilmenite. Magnetite, vanadium and ilmenite. Mine blocks. Product specifications. Product specifications. Yield optimisation curve. Infrastructure.

D Buchanan & T Shaw

Introduction to Mining for Bankers