How do you link mining projects to business strategy?

1 Understand the strategic context

Before initiating or evaluating a mining project, you need to understand the strategic context of your company and the industry. What are the vision, mission, and goals of your company? What are the external opportunities and threats, such as market demand, commodity prices, environmental regulations, and social expectations? How does your project fit into the portfolio of existing and planned projects, and how does it contribute to the strategic objectives and priorities of your company?

2 Apply a stage-gate process

A stage-gate process is a systematic approach to managing mining projects from concept to closure. It involves dividing the project into distinct phases, each with defined deliverables, criteria, and decision points. At each gate, the project is assessed for its technical feasibility, economic viability, and strategic alignment, and a decision is made to continue, modify, or terminate the project. A stage-gate process helps you to link mining projects to business strategy by ensuring that only the most promising and aligned projects are pursued and that they are executed with optimal efficiency and effectiveness.

3 Conduct a value chain analysis

A value chain analysis is a tool to identify and optimize the activities and processes that create value for your company and its stakeholders. It involves mapping the inputs, outputs, and flows of your mining project, from exploration to production to closure, and analyzing how they affect the costs, revenues, risks, and opportunities of your project. A value chain analysis helps you to link mining projects to business strategy by enabling you to identify and leverage your competitive advantages, improve your operational performance, and enhance your social and environmental impacts.

4 Engage with stakeholders

Stakeholders are the individuals and groups that have an interest or influence on your mining project, such as shareholders, employees, customers, suppliers, regulators, communities, and NGOs. Engaging with stakeholders is essential to link mining projects to business strategy, as it helps you to understand their needs, expectations, and concerns, and to build trust and collaboration. Stakeholder engagement also helps you to identify and manage potential risks and opportunities, such as social license to operate, reputation, innovation, and partnerships.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?