George Wall blogs that hiring of top managers is complex process for HR departments and their consultants and advisers. They are trying to weigh up all managers typical and in HR opinion important skills like ... talent to manage, engagement, language, reporting, project management, controlling budgets and following targets, but they often forget to think about professional skills. Nearly each mining professional can become a quite efficient manager by completion of training courses and other programs, but not each talented manager could become a mining professional. In theory, estimating of mineral resources is a domain of geologists, the content they are working on is based on the location where the information is coming from and field work and it is a scientific approach.
While estimating of mineral reserves is a domain of mining geologists and engineers, the latter with solid mineral processing, metallurgical and economical skills and it is an engineering approach. In the practice, it is difficult to find an interface between science and engineering. To avoid underdevelopment of mineral assets a lot of investigations, measurements, technical tests have to be completed and results have to be analysed by competent persons to determine so-called modifying factors. Furthermore, professional competent managers have to play a role at the interface between geologists, mining and mineral processing engineers, metallurgists and economists to avoid misinterpretations and to reduce exploration and mining risks.
The process of capital investment begins with concept study which could be desktop based and ending with working project consisting of geology, engineering, procurement, construction and erection documents. The way from the concept study to construction and erection is not only long and cost expensive but includes important steps such as pre-feasibility and feasibility studies which allows investor to investigate, to address, to quantify and as result to reduce and to avoid risks.
Original URL: https://www.linkedin.com/pulse/typical-reasons-why-expected-profit-mining-exploration-georg-wall
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