On The Rocks Rethinking Mining Value - Natural Capital & Operation Optimization with Benjamin Cox
Feb 27, 2025
Benjamin Cox, Program Director of the Executive Microcertificate in Economic Leadership for Mining at BRIMM, challenges conventional mining practices. He discusses the importance of breaking down silos to optimize operations and unlock significant value while also addressing environmental impacts. The conversation shifts to the concept of 'value in use' and how mining companies can enhance their metrics to include social and environmental factors. With a humorous twist, they explore innovative strategies to engage younger audiences in the mining industry.
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Siloed Mining
- The mining industry is highly siloed, hindering optimization and decision-making.
- Each department focuses narrowly, lacking a holistic view of operational efficiency.
Natural Capital in Mining
- Natural capital, like ore, water, tailings, and energy, is converted into economic capital (metals) in mining.
- Mining operations must strive for greater efficiency in this conversion process for better environmental and economic outcomes.
Value in Use of Metals
- Mining often focuses on the immediate value of extracted ore (e.g., copper's market price).
- Consider the "value in use," the broader impact of that copper enabling development and technology, far exceeding its initial price.