1/15/24
Why Mining
Economics?
2023
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SAFETY SHARES @BRIMM
Ø Classmates do them
Ø Goal is to learn how to pitch
using the hero’s journey
Ø First 8 minutes of a meeting is
key
Ø Lots of focus in #BRIMM104
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SAFETY SHARE
Ø 90 seconds
Ø Hero’s journey
Ø Focus on exploration
Ø Find an economic rift and
tie it to your project
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LAND ACKNOWLEDGEMENT
Title matters
BRIMM’s offices are on the traditional,
ancestral, and unceded territory of the
Musqueam people.
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TODAY’S PANEL
Ben Murphy
Benjamin Cox
• Medieval Historian and PhD
Student
• Has worked for hedge funds,
CEO of an Exploration company
and for OEMs
• Would like to change the way
the mining industry looks at
water
You
• Worked in mineral processing
plants in Australia, Indonesia,
Ireland and South Africa
• We appreciate that there is a
wide range of experience and
knowledge in the class
• Has also worked for OEMs in the
mineral processing space
• We want interaction and to
hear your points-of-view as it
adds to the discussion
• Wants to see more consideration
of ‘value’ in decision making in
our industry
• Please join in with stories or
experiences
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STUDENT SUPPORT
Ø Provide support on
assignments, course
materials, and content.
Ø Evaluate student track
through the program.
Ø Contact only through
Canvas Inbox.
Ø Please contact them
Program Manager:
Pablo Quezada Cortés
He/Him
Teacher Assistant
Sófia Aguayo
She/Her, They/Them
during work week
(Monday to Friday)
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TECH SUPPORT
Ø Provide support on issues
related to course access
and Canvas Catalog
navigation, among others.
BRIMM Tech Support
Ø Contact through email
support@mininged.ubc.ca
only.
Ø Please attach screenshots
when submitting a tech
request.
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CONNECT WITH US
If you have any questions about
what you’ve heard today, please
reach out on LinkedIn with a post
so others can join in the
discussion:
#BRIMM101
• Benjamin Cox | LinkedIn
• Ben Murphy | LinkedIn
https://brimm.ubc.ca
@Benjamin Cox
@Ben Murphy
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TALKING POINTS
1.
2.
3.
4.
5.
Hero’s journey and safety shares
Why mining economics
Depletion
Economics matter
Don’t worry about controlling what is not
controllable
6. Silo breaking
7. Three points of view
8. Goal posts vs target practice
9. Goal of program
10. House keeping / Class expectations.
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Why Mining Economics?
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WHY MINING ECONOMICS?
Depletion drives everything
Ø Mining is the act of depleting natural
resources to get real resources humanity
needs
Ø We have a moral right to do this because:
o We create wealth in the process
o Humanity needs these resources
o We “hopefully” create more than we
impact
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ECONOMIC POINT OF VIEW
Mining needs the economic lens to be “more” sustainable
Ø Exploration is about finding Economic ore
bodies and knowing what we have found
Ø Mining is about moving rocks to create
profits and societal wealth
Ø Mineral processing is about maximizing
economic recovery of the ore we mine
Ø Economics, sustainability, and finance all
come together to make better businesses
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ACCEPT WHAT IS NOT OURS TO CHANGE
Limited energy
Ø As a business it is important to
identify the unchangeable
Ø Accept our real limits
Ø And never use the excuse,
“We can’t be perfect so why try?”
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WHAT DO WE NOT CONTROL
Examples include:
Orebody
Ø Ore Body Depletion
Ø Grade
Ø Metallurgy
Market Position
Ø Commodity prices
Ø Net Competitive Position
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THREE ARCHETYPE PERSPECTIVE HOLDERS
Quantifiable
Qualifiable
Can you prove it with
math?
Can you write a thesis
with words?
Can you pull at the
heart strings?
Emotional
$/Cents / % Recovery
/ Cubic meters of water
/ Time offline
“This upgrade makes
sense because it will
make the mine more
sustainable by shifting
recovery and make
people safer.”
“This upgrade makes
sense because it will
get your boss a raise,
and you a promotion.”
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DIVERSE STUDENTS BREAK SILOS
You ALL have the right vision
Ø But you all see it from your point of view.
Ø Can we build empathy and the ability to
see across the silos?
Ø Two people can see the same room and
see truth and 100% disagree on what
they see.
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GOAL POSTS VS THE RIGHT NUMBER
Why do we teach goal posting?
Ø Engineers think money is like engineering.
It is not.
Ø There is no right economic number.
Ø Ranges of outcomes are more realistic.
Ø Sometimes, the worst case is not a bad
outcome.
Ø Manage the downside.
Ø Build a bet vs a goal.
Ø Don’t worry about failure.
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SO WHAT IS THE GOAL?
Risk reduction
Not every idea makes
economic sense;
killing dumb ideas
frees up time
Optimization
Economic optimization
vs Economic perfection
10%
Communication
Good ideas don’t travel
between silos without
financial communication
skills
Sustainability
Practicing mining
economics will make
mines more sustainable
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HOW MUCH TIME?
Everyone is busy
Ø 2 x 90 minutes a week for class time.
Ø 1-2+ hours of homework per week.
Ø 6 classes to a course / 4 courses for a
Micro-Certificate.
Ø To graduate from a course, complete the
minimum number of assignments.
Information available at Syllabus section.
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Assignment
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ASSIGNMENT
Session 1, Knowledge Check
Please respond to the Knowledge Check Test
before the beginning of next class.
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ASSIGNMENT
Session 1, Discussion
Please respond the following prompt. Then, respond to two original posts made by your
classmates. You will see posts made by other people after you post your own original
response.
Prompt: How does focusing on sustainability help the bottom line?
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REQUIRED ASSIGNMENT
TED talk on the hero’s journey
1. https://www.ted.com/talks/nancy_duarte_the_secret_str
ucture_of_great_talks?language=en
2. Create a 100-200 word story about how you got here or
what you want to change in the industry
3. Use the hero’s journey
4. Post to LinkedIn and tag #BRIMM101
5. Take a screenshot and upload it to the LMS
If you feel emotionally or physically unsafe posting to LinkedIn, you can write
the hero’s journey and then upload the journey to the LMS.
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INTRODUCE YOURSELF TO YOUR COURSE -MATES
Virtual Networking
Tag 5 of your course mates on LinkedIn to
your post and introduce yourself
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Thank you for listening
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