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info@whittleconsulting.com.au
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E-News

Whittle Consulting celebrates 20 years
Sept 2019
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Whittle Consulting presents at PDAC
Feb 2019
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A message from the CEO
Dec 2018
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Breaking News

Aug 2018

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Jeff Whittle awarded Order of Australia
Feb 2018

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2018 is looking promising for mining
Dec 2017

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The Whittle Story – A Live Book

We warmly welcome you to the Whittle Story!

The history of the Whittle Mining Optimisation Software is a uniquely Australian story of intellectual creativity, invention and a great deal of hard work. It is also a human story, which centres around one special individual, Jeff Whittle, his family and a growing number of talented individuals who have developed a new industry out of a wonderful idea. Written in the voices of the people who have participated, the “Live Book” is our attempt to record for posterity this special story.

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Press Releases

Whittle Consulting celebrates 20 years by documenting corporate story
03 September 2019
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B2Gold Corp. Announces Very Positive Results from the Expansion Study Preliminary Economic Analysis for the Fekola Mine in Mali
26 March 2019
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Mining industry icon honored for service to the IT sector & the mining industry
7 May 2018
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Amarillo Gold engages Whittle Consulting for Mara Rosa Gold Project Optimisation Study
2 Feb 2018
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Jeff Whittle awarded Order of Australia
30 Jan 2018
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CSA Global and Whittle Consulting announce partnership agreement
13 Dec 2017
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Whittle Consulting eNEWSletter,
Dec 2016
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Safescape wins best presentation award at AusIMM OPO Conference,
6 Dec 2016
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Whittle Consulting broadens its “Integrated Strategic Planning” service offering,
29 November 2016
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Whittle Consulting & Dassault Systèmes collaborate for GEOVIA Whittle 4.7 Advanced software release,
24 November 2016
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Philip Bangerter joins Whittle Consulting as GM Australasia,
21 November 2016
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Advisian & Whittle Consulting form alliance agreement for Sub Sahara Africa,
17 November 2016
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Mike Mutchler joins Whittle Consulting as Partner and Advisory Board Member,
15 November 2016
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Application of Enterprise Optimisation Considering Grade Engineering® Strategies
5 September 2016
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Largo announces significant increase in Maracás Project Mineral Reserves and Updated Mine Plan
26 May 2016
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Condor Gold Press Release – Whittle Consulting’s Optimisation Study Significantly Enhances Economics
22 Jan 2016
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Whittle Consulting’s Optimisation Study Significantly Enhances Economics
Nicaragua, 20 Oct 2015
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Whittle Consulting signs contract with Largo Resources to undertake Enterprise Optimisation on Largo’s Maracas Menchen mine
Brazil, 4 June 2015
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Ivanhoe Mines Press Release – Ivanhoe Mines releases positive results of independent PFS study
Whittle Consulting features pages 1 & 13, 8 Jan 2015
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Whittle Consulting presents Enterprise Optimisation to mining executives in Lima
9 Dec 2014
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Whittle Consulting Embraces Sustainability
10 Dec 2013
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Jeff Whittle to be inducted into the International Mining Technology Hall of Fame
26 Nov 2013
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PM Office & Whittle Consulting Announce Collaboration Agreement
25 Nov 2013
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Avanti Mining Further Optimizes Kitsault Feasibility Study
Includes detail on engagement of Whittle Consulting to undertake optimization studies, 14 Nov 2013
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PwC and Whittle Consulting focus on mining productivity and economic performance
2 September 2013
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New Whittle Consulting software increases mining NPV by 5% to 35%, or substantially more
3 April 2013
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JKTech and Whittle Consulting announce alliance
1 March 2013
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Whittle Consulting establishes Latin American base
20 February 2013
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Volta Resources Announces Robust Pre-Feasibility Study
Includes detail on engagement of Whittle Consulting to undertake optimization studies
3 May 2012
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Whittle Consulting (Africa) reports successful completion of Enterprise Optimisation study for Anglo Platinum’s Mogalakwena operation
3 August 2011 
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Whittle Consulting (Africa) announces successful completion of Enterprise Optimisation Study for Assmang Managanese Division
29 June 2011
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Whittle Consulting to hold first MONEY MINING course in South America
16 June 2011
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Successful Growth of Whittle Consulting (Africa)
12 May 2011
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GCR Appoints Whittle Consulting To Create Enterprise Optimisation Model For Copper Hill
11 January 2011
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Papers

Application of Enterprise Optimisation Considering Green Gold Technologies Pte Ltd.’s ReCYN™ process
Gerald Whittle & Jason Pan, Whittle Consulting, June 2018
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Application of Enterprise Optimisation Considering Ultra High Intensity Blasting Strategies
Stewart Howe & Jason Pan, Whittle Consulting, April 2018
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Whittle Consulting ShovelSense™ Economic Assessment
N.Redwood, Whittle Consulting for: MineSense, April 2018
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Autonomous Haulage Systems Financial Model Assessment
N.Redwood, Whittle Consulting for: Mining Technicians Group Australia, February 2018
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GEOVIA Whittle Simultaneous Optimisation White Paper
D. Place, G. Whittle and N. Baxter, June 2017
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Edge Protector Financial Assessment
Report by Nick Redwood, Whittle Consulting (Edge Protector – product by Safescape), August 2016
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Application of Enterprise Optimisation Considering Grade Engineering® Strategies
N.Redwood, Whittle Consulting and M.Scott, CRC Ore July 2016
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Enterprise Optimisation Case Study: PanAust’s Inca Oro Project, Chile
October 2015
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A simultaneous mining & mineral processing optimisation and sustainability evaluation prepared during the Ivanhoe Platreef prefeasibility study
The Southern African Institute of Mining & Metallurgy – Mining Business Optimisation Conference, March 2015
S.Burks, C.Wolahan, and M.Jones
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Enterprise Optimisation Case Study: ITM Coal Operations, Indonesia
February 2015
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Enterprise Optimization Case Study: PanAust’s Inca de Oro Project, Chile
May 2014
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Enterprise Optimization and Grind-Throughput-Recovery for the Avanti Kitsault Project
Gerald Whittle & Richard Peevers, Presentation at SME National Conference, Salt Lake City, Utah, February 2014
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Enterprise Optimization for Mining Businesses
Richard Peevers, Society for Mining, Metallurgy & Exploration (SME) Annual Conference, June 2013
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Enterprise Optimisation of SEMAFO’s Mana Gold Mining Operations – Burkina Faso
Richard Peevers, May 2013
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Case Studies of Simultaneous Mining & Mineral Processing Optimization Applied to Platinum & Nickel Operations
Steve Burks, The Southern African Institute of Mining and Metallurgy Platinum Conference – September 2012
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Enterprise Optimisation
Gerald Whittle, MPES Conference – December 2010
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Simultaneous Mining & Mineral Processing Enterprise Optimization for the Platinum Industry
Gerald Whittle & Steve Burks, presented at The 4th International Platinum Conference – October 2010
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Misguided Objectives That Destroy Value
The Orebody Modelling & Strategic Mine Planning Conference – March 2009
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Cut-off Grade Optimisation
Gerald Whittle, Jeff Whittle – February 2007
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Optimising Project Value and Robustness
Gerald Whittle, Wayne Stange and Norm Hanson, AusIMM Project Evaluation – June 2007
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Global Long-Term Optimisation of Very Large Mining Complexes
Jeff Whittle, Gerald Whittle – June 2007
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Blending Numerous Feeds for Optimum Autoclave Throughput – Miners working with Metallurgists
Mark Laing, Gerald Whittle – August 2005
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Global Asset Optimisation
Gerald Whittle, Orebody Modelling and Strategic Mine Planning Symposium – November 2004 Perth
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Complete Directory of papers from the “Optimising with Whittle” 1995, 1997 & 1999 Conferences
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Industry Interviews

Whittle Consulting wonders whether miners have learnt their lessons,
Nov 2016
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Mark Jones on how Whittle Consulting can help clients,
Dec 2014
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Whittle Consulting works to help mining companies raise margins,
Dec 2013
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Miners should focus more on cash flow advises Whittle Consulting,
Dec 2012
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Simultaneous Optimisation by Gerald Whittle,
September 2010
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Articles

Breaking preconceived paradigms
The Leader, February 2016
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Whittle optimisation study works wonders at Condor Gold’s La India project
ProactiveInvestors, October 2015  
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Condor Gold’s latest study shows La India upside, says CEO Mark Child
ProactiveInvestors Stocktube, October 2015
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The Contingency Plan: How to Focus on Surviving Until the Next Price Run Up
Richard Peevers, July 2015
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Underground Mine Optimisation – The Whittle Consulting “MONEY MINING” approach
Gerald Whittle, June 2015  View Document (PDF)

SPANISH ARTICLE: SOLUCIÓN PARA LA OPTIMIZACIÓN DE LOS RECURSOS
Rumbo Minero Magazine, July 2014
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SPANISH ARTICLE: Optimización Empresarial: Solución estratégica para mejorar el negocio minero
Revista Minería Chilena
June 2014
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Whittling Away The Waste
Mining Magazine, Ailbhe Goodbody, June 2014
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Business Optimisation Firm Urges Holistic, Sustainable Plans For Mining Operations
Mining Weekly, Chantelle Kotze, May 2014
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International Mining Technology Hall of Fame – Toasting The Technology Innovators
International Mining Magazine, May 2014
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SPANISH ARTICLE: Presentan enfoque de optimizacion empresarial
MINERÍA Magazine – Institute of Mining Engineers Peru, May 2014
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SPANISH ARTICLE: Whittle presenta solucion que optimiza hasta 35% valor de mineras
MINERÍA Magazine – Institute of Mining Engineers Peru, March 2014
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The business of mining is business, not mining
Mining News Premium, October 2013
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Gold Extraction, Midas Mission
International Mining, May 2013
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No Illusions
CIM Magazine, Vol. 8, No. 3, pages 66-71, May 2013 issue
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What is Enterprise Optimisation?
Hong Kong Energy & Minerals United Association, 13th May 2013
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Whittle carves out savings with a new software
Mining Business Media, 15th April 2013
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Alpha Performance & Reward, Issue 12
KBA Consulting Group, 16 April 2013
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Bloomberg Industries to launch mine valuation model
The Globe and Mail, March 2013
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Jeff Whittle says his algorithm can help boost cashflow of mines
The Australian, 17 December 2012
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Jeff Whittle announced finalist in The Australian Innovation Challenge
The Australian, 27 October 2012
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Money Mining Intelligence
The Asia Miner, January 2012
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Whittle Consulting – “Money Mining” seminar – the power to revolutionise mining sector valuations
Fairfax, December 2011
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Whittle Consulting – A unique approach to optimising project value and cash flow return
Fairfax, November 2011
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Whittle’s transition from software to consultancy
AJM, August 2011
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Gold’s Great Divide
High Grade, July 2011
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Management vs Analysts
High Grade, January 2011
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Plenty Of Room For Optimisation
High Grade, April 2010
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Whittle Expands Into Africa
Mining News, April 2010  
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Whittle Firm Targets Big Opening
High Grade, May 2009
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Ausenco Aligns with Whittle Consulting
Mining News Premium, May 2009
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Most Outstanding Contribution to Mining Category
Australian Mining, June 2008
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Mining Thanks A Legend
Mining Australia, September 2007
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Jeff Whittle Nominated
Mining Australia, September 2007
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Maximising Reserves
Gerald Whittle, July 2007
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Opportunities for Improving the Planning Process
AJM, April 2006
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Leading developer takes its brand to next level
Resource Stocks, May 2001
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A New Era for the Strategic Mine Planning Process
AMM, October 2001
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Glossary

Terms Definition
Activity Based Costing (ABC) Cost modelling based on activities performed and their relevant cost drivers, plus a distinction between period/fixed and attributable/variable costs.
Artificial Intelligence (AI) Simulated intelligence in machines.
Attenuators Zero sum of penalties and rewards to achieve a desired outcome
Attributable Cost A more accurate term for Variable Costs. Costs that will change in proportion to the relevant driver of the activity they relate to. Using this term allows a broader palette of quite specific cost drivers than just tonnes of ounces of production and sales.
Base Case The existing or starting life-of-mine plan for a mining business, which may or may not have had optimisation techniques applied.
Best-Case Mining A plan to mine a pit in many incremental Pushbacks. This tends to defer waste mining activity in the Mine Schedule which is good for NPV, but may introduce impracticalities due to insufficient Minimum Mining Width.
Big Data Big Data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis.
Blend Mixing different grades or types of mined materials to produce a regulated and predictable processing feed or product specification. The objective being to achieve a minimum, maximum or a specified range of a certain characteristic.
Blue Line Mining Technical view. To operate a mine conventionally with a focus on maximising reserves, recoveries, efficiencies and LOM, whilst also minimising costs. Units are tonnes, grades, recoveries. (i.e. physical measures.)
Bottleneck A point in a system that limits the throughput or performance of the system. (i.e. a constraint.)
Brownfield investment An expansion or development of, or alongside, an existing operation.
Business Improvement (BI) To undertake activities designed to increase business performance.
CapEx (Capital Expenditure) Capital costs that will be recorded in the Balance Sheet as an asset rather than in the Profit and Loss statement. Capital costs are often amortised or depreciated over the useful life of the asset, thereby trickling through to the Profit and Loss Statement.
Capital The funds required to enable the investment in plant, equipment, infrastructure and working cash balances.
Capitalism An economic and political system in which trade and industry are controlled by private owners for profit. The focus is on creating economic value.
Change Management The processes, tools and techniques required to manage the people side of change to achieve desired business outcomes. Involves behavioural science.
Corporate Social Responsibility (CSR) A corporate initiative to assess and take responsibility for the company’s effects on environmental and social wellbeing.
Cost Accounting A cost reporting system that groups costs by type or responsibility.
Cost Modelling A costing system which provides a view of cost behaviour and the profitability of products or services.
Cross-functional collaboration A group of people with different functional expertise coming together to work towards a common goal.
Cut-off The criteria (grade, value or other) by which mined material is determined to be waste, stockpiled or processed.
Development Cost In an underground mine, the cost of establishing shafts, tunnels and underground infrastructure to access the stopes which contain the valuable ore.
Discount Factor A factor which, when multiplied by a predicted future cash flow, gives Discounted Cash Flow (CDF), i.e. its present value. Discount Factor = 1 / (1 + Discount Rate)^time
Discount Rate The annual rate used to discount future cash flows in the Net Present Value (NPV) calculation. Discount Rate = Opportunity Cost + Risk Premium
Discounted Cash Flow (DCF) A valuation method used to estimate the attractiveness of an investment opportunity.
DCF = future cash flow multiplied by the Discount Factor for the respective period.
Due Diligence (DD) An investigation or audit of a potential investment to confirm all facts, such as review of all financial records, plus anything else deemed material.
Enduring Licence to Operate Ongoing positive support and motivation from all stakeholders for the existence of the operation.
Enterprise Optimisation A single integrated model that consolidates existing knowledge and data from disparate systems.
Feasibility Study (FS) A Feasibility Study is an indepth report on many of the same topics as a Pre-feasibility Study.
Financial Accounting A system for capturing costs, primarily by the type of goods or services being acquired.
Five Capitals Framework A framework capturing the effect of a project or operation on financial, manufactured, social, human and natural capital.
Fixed Cost Business operating expenses, that will be incurred at the same level regardless of whether production or sales increase or decrease during a period.
Framework Agreement An agreement with suppliers to establish terms governing contracts that may be awarded during the life of the agreement.
Green Line Mining Stakeholder view. To operate a mine maximising the economics within the social/political/environmental context within which it operates. (i.e. multi-stakeholder measures.)
Greenfield investment Development of an operation where no previous operation exists.
Heap Leach A process of mineral extraction involving staking ore in piles and irrigating it with a solvent/reagent to extract the valuable minerals contained.
High Grade Ore Ore with the highest level of valuable material to be mined.
Initial Public Offering (IPO) The first sale of stock issued by a company to the public
Integrated Strategic Planning A concept of long-term planning which considers all parts of the value chain, all periods and all stakeholders.
Internal Rate of Return (IRR) A metric used in capital budgeting measuring the economics of potential investments.
Jeff Whittle, AO The Australian founder of Whittle Consulting and the developer of Whittle Optimisation software products.
JORC Joint Ore Reserve Committee. The Australian standard for mineral resource and reserve reporting.
Ken Lane Author of The Economic Definition of Ore: Cut-off Grades in Theory and Practice, 1988.
Key Performance Indicator (KPI) A set of quantifiable measures that a company or industry uses to gauge or compare performance over time.
Lerchs-Grossmann Developers of the Lerchs-Grossmann algorithm (LGA) to determine the optimised economically minable pit size and shape.
Life of Mine (LOM) The time in which, through the employment of available capital, geographical and technical analysis, it is planned that ore reserves will be extracted and processed for delivery to market.
Logistics A process within supply chain management that plans, implements and controls the efficient movement of goods and services. Can apply to inbound supplies or outbound products.
Low Grade Ore Ore with the lowest level of valuable material to be mined.
Management Accounting A system for reporting costs grouped by who in the organisation is responsible for managing them.
Mergers & Acquisitions (M&A) A merger happens when two firms agree to go forward as a single new company rather than remain separately owned and operated. When one company takes over another and clearly establishes itself as the new owner the purchase is an acquisition.
Mine Schedule The planned sequence and rate at which the designed shapes of a mine (pit and/or underground) are to be extracted.
Minimum Mining Width In an Open Pit, the minimum width that is required for excavators and dump trucks to safely and efficiently operate. This affects the design of pits and Pushbacks.
Monte Carlo Approach A strategic planning method involving testing a large sample (generated mathematically) of the population of possible settings and outcomes. Used to understand the impact of risk and uncertainty in financial, project management, cost and other forecasting models.
Net Cash Flow Revenues and other cash receipts, less operating costs and other cash outlays.
Net Present Value (NPV) The sum of discounted cash flows, using an appropriate discount rate which reflects opportunity cost and risk.
NPV = Sum of DCF’s.
NI 43-101 The Canadian standard for mineral resource and reserve reporting.
Non-Attributable Cost Costs which are not directly related to current operations. In mining this can include exploration, marketing, research and development. They are things we spend money on to improve the future of the business.
OpEx (Operating Expenditure) Cost and outlays, other than capital costs, that are incurred in the ongoing operation of a mining business. (i.e. that will be recorded in the profit and loss statement of a business.)
Opportunity Cost A benefit, profit, or value of something that must be given up to acquire or achieve something else.
Optimised Case The life-of-mine plan for a mining business that has been improved over an initial base case.
Period Cost A more accurate term for Fixed Costs. (i.e. Costs that are incurred as time passes, as long as the business is operating within a certain range, regardless of the actual level of production or sales in a period.
Pit or Open Pit A large, usually deep opening in the ground used for the extraction of rock or minerals from the earth.
Pre-feasibility Study (PFS) A Pre-feasibility Study is an early stage analysis of a potential mining project.
Preliminary Economic Assessment (PEA) A PEA is a study, other than a Pre-feasibility Study or Feasibility Study, which includes an economic analysis of the potential viability of mineral resources.
Prober-E Whittle Consulting’s proprietary software for optimising mining businesses.
Processing The separation of commercially valuable minerals from their ores.
Product Mix & Specification The range, type and specification of material products produced by the mine/plant and delivered to the market.
Project Capital, Capital Cost, Capital Expenditure Funds required for planning, permits, land plant, equipment, infrastructure and working capital, to create a system with capacity to mine, process and deliver material from the ore body to the market.
Pushback A geographical area within a pit that can be mined in a single, continuous operation. Also called “Phase” or “Stage”.
Red Line Mining Shareholder view. To economically optimise a mine by simultaneous, integrated, cross-functional processes, thereby accelerating cash through bottlenecks. Units are “Net Value per Bottleneck Unit” NPV and IRR. (i.e. economic measures.)
Return on Investment (ROI) A metric used in capital budgeting measuring the economics of potential investments.
Risk Premium The extra return an investor requires above the risk-free rate of return to compensate for the risk involved in an investment.
Scenarios Approach A strategic planning method involving the development of different business plans for different possible future conditions, by testing a range of likely assumptions.
SD (Sustainable Development) Balance. A summary analysis showing the positive and negative impacts across a Five Capitals Model of SUSOP outcomes, compared with a base case.
Specified-Case Mining A compromise between Best-case and Worst-case Mining, where Pushbacks are selected to get most of the benefit of Best-Case Mining, whilst still observing a practical Minimum Mining Width.
Stockpile A pile or storage location for bulk, often lower-grade/value resource, mined in one period, but intended to be processed in a later period (maybe years later).
Stope A three dimensional shape planned to be excavated in an underground mine to remove the ore that has been rendered accessible by the shafts and drifts.
Strategic Assessment A brief review to determine the potential outcome of a full Enterprise Optimisation study.
SUSOP™ (Sustainable Operations in Mineral Processing) A management technique for the implementation of sustainable development methodologies. Translating sustainability principles into operating practices, without compromising financial outcomes.
Sustainability Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Theory of Constraints (TOC) A concept that views any manageable system as being limited in achieving its goals by a very small number of constraints.
Time Value of Money (TVM) The concept that money available at the present time is worth more than the identical sum in the future.
Underground mining A mining technique involving shafts and tunnels, used for the extraction of rock or minerals from below the surface of the earth.
Value at Risk (VaR) A statistical technique used to measure and quantify the level of financial risk within a firm or investment portfolio within a specific timeframe.
Variable Cost Business operating expenses, that will change in proportion with production or sales volume during a period.
Weighted Average Cost of Capital (WACC) The rate that a company is expected to pay on average to all security holders to finance assets.
WACC = % debt x cost of debt + % equity x cost of equity.
Worst-Case Mining A plan to mine a pit bench by bench as one large Pushback. This tends to bring waste mining activity forward in the Mine Schedule, which is not good for NPV.