In recent times, four out of five mining capital projects are late and/or over budget by more than 40%, several are close to 100% over budget. Can your projects economics afford to incur this kind of impact. Most projects today struggle to demonstrate double digit returns, so what needs to be done by the industry? The key note address will identify for you 5 critical to success factors that will improve the likelihood of delivering a successful project.
Over 40 years of professional experience in metallurgy and mining related industries: Chair and Director on three public company boards and two Private company boards; A Founding Partner in X2 Resources; Chief Executive Officer (Xstrata Nickel) and executive member of the Xstrata Management Team; Chief Operating Officer for Falconbridge Ltd; Several leadership positions before that: Senior Vice President, Projects and Engineering, Project Director, Director of Engineering, Project Engineer, Process Manager/Engineer, Assistant Metallurgical Manager and Plant Metallurgist.
Capital Projects in a COVID world: the starting point of value creation and a strategic requirement for countries through to companies – how you plan for, execute and in some cases concurrently ramp up parts of your capital project, dictates the speed with which you will grow your value as an economy or as a business, the impact you have on a community, and your impact on the planet. A capital project is a strategic enabler.
Today, capital projects are infinitely more complicated but also absolutely more visible and more costly. They require strong risk management and change management while delivering faster and safely. They are under the microscope from every stakeholder yet produce jobs and inject investment in the economy – they are a walking example of multi-stakeholder capitalism. So, how do you really manage a capital project today?
Hear from Proudfoot CEO Pamela Hackett, how leading a #HeadsUp site that brings together stakeholder engagement; a Results Hub; Disciplined Project Execution; Risk Management & Mitigation; Technology at the right place and time particularly in the management of people and activity as well as procurement; and creating a real Community Joint Venture through Co-Venture, will help keep your project on track and on budget, and create real value for all those involved while accelerating economic returns. When you reimagine execution, you can build in preventative measures, future proofing your business and site for maximum value.
Pam is the CEO of Proudfoot Consulting, an expert in business and operational improvement founded in the US in 1946, and the first operational implementation management consultancy of it's kind. Now with a global foot print and specializing in large scale performance improvement and organizational transformation, as well as major capital project execution, Proudfoot delivers measurable results: financial, operational and cultural. Pam has worked with Proudfoot since 1987. She is considered an industry expert in transformation, change leadership and people engagement. Pam is also the author of Manage To Engage, a new book that captures her learnings from 30 years of client transformations, available through Wiley & Son publishers explaining How Great Managers Create Remarkable Results. She argues that while we are in the midst of a global health pandemic and economic crisis, there has always been a silent crisis – a lack of people engagement at work. If we are to build back better and achieve remarkable results, the crisis to overcome rapidly is this one.
A history of capital projects in the mining industry has showcased examples of successes in execution, and at the other end of the spectrum examples of expensive lessons learned. This discussion is intended to share the experiences of a group of senior project personnel with respect to strategies and actions that could assist in avoiding pitfalls in the execution of future mining projects. A number of lessons learned and key considerations will be presented, keeping in mind that every project is unique, and an all-encompassing set of tools that works for all projects does not exist. In addition, some upcoming challenges that the mining project world will face in the years to come will be presented.
George Greer, a mining engineer by trade, has worked for close to 40 years in the mining industry for various companies including Inco Ltd., Lac Minerals, Barrick Gold, and Vale. For the past 24 years, Mr. Greer has worked exclusively in the capital project field in overseeing underground, surface plant, and infrastructure projects from the detail engineering stage through to construction and commissioning. Currently George is Sr. Vice President Project Development for Pan American Silver Corp., directing Pan American Silver's large capital projects in Mexico and South America.
For almost 50 years we have been examining why mining projects are delayed and over-budget. There is no shortage of publications and resources on better feasibility studies, better project management, better reporting but the more things change the more they have remained the same. In a $2000 gold environment expected to last for the next few years, let’s not find ourselves destroying value and saying again – the capital markets made me do it. Creating value through capital projects for all stakeholders is ultimately all about people. In our discussion, we will examine how we can adopt the mining industry’s responses to the pandemic to improve capital projects planning and execution. We will also examine why we must have a capital markets strategy and how we can better manage the capital markets to better position a capital project for success.
Daniella Dimitrov has more than 20 years’ experience in building, operating and leading businesses in mining and financial services. Since 2017, she has been Partner at Sprott Capital Partners, a mining investment bank. Daniella has also held strategy, operations, corporate development and governance roles having served as CEO and CFO of a multi-mine gold/copper producer, Executive Vice-Chair of an iron ore developer and as COO of a national financial services firm. Daniella has served as a director of a number of public companies in the natural resources and energy sectors and currently serves as director of Nexa Resources, International Petroleum and Chemtrade and as member of sustainability, capital projects, audit and governance committees of such boards. Daniella was chosen as one of the top 100 Global Inspirational Women in Mining for 2016 and was a Canada Board Diversity Council – 2016 Diversity 50 Candidate. Daniella is a noted speaker on topics including capital markets and ESG.