Mineral Economics

  1. Economics of Mineral Exploration
    1. Exploration as an Investment
      1. Risk-Return Profile
        1. Investment Decision Criteria
          1. Portfolio Theory Applications
          2. Stages of Exploration
            1. Reconnaissance
              1. Regional Surveys
                1. Target Generation
                  1. Preliminary Assessment
                  2. Prospecting
                    1. Field Mapping
                      1. Sampling Techniques
                        1. Geochemical Surveys
                        2. Detailed Exploration
                          1. Drilling Programs
                            1. Resource Modeling
                              1. Feasibility Assessment
                            2. Exploration Economics
                              1. Cost Structure
                                1. Success Rates
                                  1. Value Creation Process
                                  2. Valuing Exploration Properties
                                    1. Market Approach
                                      1. Comparable Transactions
                                        1. Market Multiples
                                        2. Cost Approach
                                          1. Replacement Cost
                                            1. Historical Cost Analysis
                                            2. Income Approach
                                              1. Discounted Cash Flow
                                                1. Risk-adjusted Returns
                                              2. Risk and Uncertainty in Exploration
                                                1. Geological Risk
                                                  1. Uncertainty in Orebody Continuity
                                                    1. Grade Variability
                                                    2. Technical Risk
                                                      1. Sampling and Assay Errors
                                                        1. Drilling Accuracy
                                                        2. Economic Risk
                                                          1. Commodity Price Fluctuations
                                                            1. Cost Overruns
                                                            2. Political Risk
                                                              1. Regulatory Changes
                                                                1. Country Risk
                                                              2. Exploration Strategies
                                                                1. Portfolio Approach
                                                                  1. Sequential Decision Making
                                                                    1. Option Value of Exploration
                                                                      1. Risk Management

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                                                                    2. Mineral Resource and Reserve Estimation

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                                                                    4. Mine Project Evaluation and Investment Analysis