Thesis (doctoral)--Universität Greifswald.

Thesis (doctoral)--Universität Erlangen, 1927. / Includes bibliographical references (p. [4]-6).

The most meaningful way to estimate the current value and the future value of a mining company is to consider the cash flow of the company through time. This is the case since the reported earnings of a mining company are highly sensitive to the accounting practices followed and to changes in metal prices. The valuation of a mining company is strongly dependent on the forecasting of the expected net cash flows of the company. The computer model presented herein has been designed to assemble all of the pertinent variables relating to a mining operation and to calculate the net cash flow for a mining company. The diversity of the operations in the mining industry has necessitated the development of a general model which can be applied to a number of different situations. The model has been developed for base metal mining operations which, produce any combination of the following seven metals: copper, lead, zinc, gold, silver, cadmium and molybdenum. The model has been divided into thirteen subroutines and a main programme. Each of the subroutines corresponds to a particular phase of the mining operation. In this way, the critical variables in the operation can be isolated and examined in detail. Although the model is complex and requires a large amount of data, it is hoped that its use will be straightforward and that it will be of assistance to those persons interested in the valuation of a mining company. / Business, Sauder School of / Operations and Logistics (OPLOG), Division of / Graduate

No description available.

Thesis (MBA)--University of Stellenbosch, 2010. / With limited financial and management resources companies cannot afford to spend resources on every growth opportunity that presents itself, and must therefore continuously rank potential opportunities in order to focus its resources and efforts on the most valuable opportunities. The aim of this study is to develop a system to rank and prioritise new capital projects of mining companies, and specifically Exxaro, which will allow the company to focus its growth efforts on the most valuable opportunities. The literature study firstly examines the use of portfolio management, and particularly the CFA Investment Management Process for ranking investment opportunities. Secondly, various methodologies utilised in the ranking of R&D projects are investigated, providing a guideline for terminology and steps to be used in a capital project ranking system. The project development cycle is also investigated in order to understand the impact of ranking projects that are in different stages of development. Lastly, the utilisation and merits of different financial measures and multi-criteria decision analysis techniques is examined. The literature study emphasised the following principles: Portfolio management is a very structured and formalised process for matching investments with the strategic objectives of an individual or company. The formalised nature of the process ensures that there are clear direction and rigorous criteria for decision making regarding investments, which in turn ensures that resources are spent only on robust investment opportunities. The ranking systems for Research and Development projects emphasised that a ranking system should contain multiple perspectives and criteria in order to comprehensively evaluate all aspects of investment opportunities, but that these perspectives and criteria should not duplicate or overlap in terms of measuring a certain aspect of an opportunity. When rigorous front end loading is applied in the project development process, there is sufficient information to compare and rank projects in different stages of the project development cycle. The financial criteria form a very important part of the ranking criteria and there are various financial criteria utilised to measure the merits of a project. While there are pros and cons to the use of certain criteria, companies should acknowledge and understand the shortcomings of each criteria, the financial aspect of a project measured by each criteria, and ensure that there is no duplication while it utilises the criteria that is well understood and accepted throughout the company. Multiple criteria decision analysis is a comprehensive and structured decision making process which requires the focussed participation of personnel involved in the decisions. The structured process provides a better understanding of the decision to be made, a means to clarify the decision and its implications and the stimulation of discussion and sharing of ideas about the decision and its context. A second part of the research entails qualitative research where interviews were held with four senior mining executives in order to utilise their experience with project ranking systems. The knowledge and understanding gained from the literature study was used to guide the interviews and adapt conversations to specific issues and different points of view. The focus of the interviews was not to obtain statistical data, but rather on having strategic conversations about how project ranking can and should be applied, and to extract inputs from the experience of the interviewees on the design of a ranking system. Findings from the interviews included an emphasis on the importance of guidance from the company strategy in determining perspectives and criteria for project ranking; a requirement to discard unworthy projects as soon as possible via a rigorous filter per commodity; guidance on perspectives and criteria that could be included in the ranking system; the need to firstly rank projects within a commodity before comparing the top projects across commodities; and the need to carefully manage the ranking process in order to ensure that it is included in the annual business process cycle of the company. The knowledge and practical inputs gained from the literature and the strategic conversations were finally applied to Exxaro’s processes and ranking system. Possible reasons for the failure of previous attempts at implementing a ranking system were found to be the lack of a clearly articulated strategy and insufficient involvement of the decision makers in the design of the project ranking system. With the design of a new ranking system, specific perspectives, criteria, filters and templates were designed and a process was suggested to ensure inclusion of the ranking system in the annual business process cycle of Exxaro. In conclusion, a number of suggestions were made for continuous improvement of the project ranking system and its outputs.

Owing to the impact of globalisation, mining firms face significant uncertainty and turbulence emanating from their global competitive landscape. A new breed of ”dominant global firms” is emerging in a world of shrinking opportunity, where a few large firms will determine the future of the industry. Despite these realities, mining firms have in the past not been very astute in identifying and interpreting global competitive influences. Reliance on tangible assets alone will in future no longer ensure a sustainable competitive advantage. In such turbulent circumstances, competitive analysis, as part of a comprehensive competitive intelligence system, could result in competitive learning, which could enhance the ability of firms to attain a sustainable competitive advantage. Empirical research in this study confirms that competitive analysis as conducted by mining firms is deficient, and in many instances, caught up in an ”old world” approach. Such analyses tend to be too reactive for the dynamic and turbulent environment, as well as being too quantitatively oriented and are based primarily on the information that is most easily available. Accordingly, a rethink of competitive analysis is necessary, away from a narrow reactive approach focused on the quantifiable financial and operational realities of the competitive force being analysed, to include the conceptual DACSOMEF methodology, with its quantitative and qualitative dimensions. Determining the future intent of a competitive force should, furthermore, form the overall focus of competitive analysis, resulting in effective competitive learning. The study also established that analysis findings and recommendations should be applied in a competitive theatre, in order to overcome the possible discontinuity between competitive analysis and strategic decision making. In addition, the analytical process should be based upon a supportive learning culture and the intimate involvement of key decision makers. Without such an approach competitive analysis will remain a static ”old world” process. Alternatively, the implementation of the analytical model could prove an invaluable input into the strategic management process of global mining firms in their quest to achieve new levels of competitive advantage, in an increasingly dynamic and turbulent competitive environment. / Business Management / D.Comm.

A research report submitted to the Faculty of Science, in partial fulfilment of the requirements for the degree of Master of Science, University of the Witwatersrand, Johannesburg, 6 November 2015. / Environmental degradation and pollution continue to characterise the mining sector in South Africa despite a robust legislative framework which is aimed at enhancing sustainable mining practices. Of particular concern is the impact of mining on biodiversity. During 2013 the Departments of Environmental Affairs and Mineral Resources, together with the South African Mining and Biodiversity Forum, an alliance of stakeholders from industry, conservation organisations and government facilitated by the Chamber of Mines of South Africa, released the South African Mining and Biodiversity Guideline (SAMBG), which aim to mainstream biodiversity into the mining sector. The guideline seek to integrate biodiversity considerations into planning processes and manage biodiversity through the lifecycle of a mine, and so contribute to better outcomes. In addition to the guideline, mining companies that obtain funding from financial institutions that are signatory to the Equator Principles are required to implement IFC Performance Standard 6 (IFC PS6) which also deals with biodiversity conservation. There is a concern that the SAMBG adds further to the burgeoning pile of standards, guidelines and best practices that mining companies are required to meet, but without necessarily adding anything new. This research project deals with this concern through a review of the SAMBG to assess their potential contribution to biodiversity conservation and to determine, through a comparative analysis, whether any overlaps and gaps exist between the guideline and IFC PS6. A qualitative methodology was used to understand how the Aichi Biodiversity Targets are addressed by the SAMBG. Based on this review a conclusion as to the role of the SAMBG amongst the range of guidelines and standards was drawn. The research indicated that there is alignment between the SAMBG, the IFC PS6, the Aichi Biodiversity Targets and South African national environmental legislation. They all aim to achieve a similar outcome, the conservation and sustainable use of biodiversity, but provided different levels of detail and are targeted at slightly different audiences.

No description available.

Owing to the impact of globalisation, mining firms face significant uncertainty and turbulence emanating from their global competitive landscape. A new breed of ”dominant global firms” is emerging in a world of shrinking opportunity, where a few large firms will determine the future of the industry. Despite these realities, mining firms have in the past not been very astute in identifying and interpreting global competitive influences. Reliance on tangible assets alone will in future no longer ensure a sustainable competitive advantage. In such turbulent circumstances, competitive analysis, as part of a comprehensive competitive intelligence system, could result in competitive learning, which could enhance the ability of firms to attain a sustainable competitive advantage. Empirical research in this study confirms that competitive analysis as conducted by mining firms is deficient, and in many instances, caught up in an ”old world” approach. Such analyses tend to be too reactive for the dynamic and turbulent environment, as well as being too quantitatively oriented and are based primarily on the information that is most easily available. Accordingly, a rethink of competitive analysis is necessary, away from a narrow reactive approach focused on the quantifiable financial and operational realities of the competitive force being analysed, to include the conceptual DACSOMEF methodology, with its quantitative and qualitative dimensions. Determining the future intent of a competitive force should, furthermore, form the overall focus of competitive analysis, resulting in effective competitive learning. The study also established that analysis findings and recommendations should be applied in a competitive theatre, in order to overcome the possible discontinuity between competitive analysis and strategic decision making. In addition, the analytical process should be based upon a supportive learning culture and the intimate involvement of key decision makers. Without such an approach competitive analysis will remain a static ”old world” process. Alternatively, the implementation of the analytical model could prove an invaluable input into the strategic management process of global mining firms in their quest to achieve new levels of competitive advantage, in an increasingly dynamic and turbulent competitive environment. / Business Management / D.Comm.

M.Com. (Business Management) / Corporate social investment (CSI) does not have a universal definition, but corporations tend to interpret it according to the extent of their activity in community social programmes of development. It is of particular importance in South Africa given the fact that South Africa is still a developing country that struggles with high unemployment and inequality. This dissertation explores this concept of CSI in research that was conducted in the community of Letswaleng (Embalenhle), in Mpumalanga, in order to establish whether there is a relationship between the mining company that operates in the community and the community within which it operates. Mining corporations continue to assume little responsibility for the health, education or housing of the families of their black employees while operating in monopolistic conditions and making exorbitant profits. A wide variety of these mining opportunities have attracted multinational enterprises and local firms to invest in the region of Mpumalanga. The purpose of the research was to explore the relationship between the community and the mining company in terms of CSI initiatives. It was also to establish if there are any community structures to ensure that the mining company does consult with the community in making sure that they are kept informed concerning the plans of the mining house within the community. The nature of this research was exploratory, qualitative research and, for this reason, structured interviews were conducted and these were face-to-face. Corporate social investment is an issue that the government needs to take seriously by setting up audit committees to monitor the implementation of these ventures. Government structures such as the Department of Trade and Industry need to fund community structures in order for them to be more effective.