Workshops

Descriptions of Four CTMF Workshops are Below - Register Today

Join the organizers of two pre- and two post-CTMF conference workshops on Sunday April 29 from Noon to 4:30 PM and Wednesday May 2 from 8 AM to Noon. Each presented by leading experts, in a format designed to get your questions answered with examples and case studies about best practices. 

You do not have to attend the CTMF conference to attend any of the four workshops. Register here to meet others in an inviting environment, with food and refreshments at these four workshops that are described below, including bios of the workshop instructors and other details about content.

  • Improving strategic capital management with Integrated Valuation and Risk Modelling methods 
  • Application of enhanced techniques for assessing risks and opportunities in mineral resource estimates: some key points for mining finance professionals 
  • Efficient, effective due diligence for modern mining investments
  • Sustainability in mining – Innovation to reduce mining life cycle costs and impacts
Thank you organizers: EY Ernst & YoungGeoGlobal LLC,  Wood, Behre Dolbear and Enviromin Inc  


Photos below are from workshops at the 2017 CTMF conference  


Sunday April 29 from Noon to 4:30
Two Pre-Conference Workshops 
at the New York Marriott East Side Hotel, 525 Lexington Ave at 49th Street
Meet all at Noon for lunch; Start at 12:30 PM; Refreshment break at ~2:45 PM; Workshop ends at 4:30 PM followed by a reception from 5 to 7 PM on the rooftop garden of the New York Marriott East Side Hotel

I.  Improving strategic capital management with Integrated Valuation and Risk Modelling methods by Michael Samis, Associate Partner of EY, Toronto Ernst & Young 

II. Application of enhanced techniques for assessing risks and opportunities in mineral resource estimates: Key points for mining finance professionals by Abani R. Samal, Ph. D., Principal, GeoGlobal LLC with Harry Parker, Technical Director of the Wood Group 

Wednesday May 2 from 7:45 to 11:30 AM
Two Post-Conference Workshops  
at Shearman & Sterling LLP, 5
99 Lexington Avenue, at corner of 53rd Street
Breakfast 7:45 AM; Start 8:30 AM; Refreshment Break; End 11:45 AM; Lunch ends at 1 PM

III.  Efficient, effective due diligence for modern mining investments - Led by Lachlan Broadfoot, CEO of Behre Dolbear 

IV. Sustainability in mining – Innovation to reduce mining life cycle costs and impacts Led by Dr. Lisa Kirk, Ph.D., P.Geo.- Principal Biogeochemist and CEO of Enviromin Inc  

Each of the four workshops are described below with instructors' bios and other details.


Sunday April, 29 
Two Pre-Conference Workshops

at the New York Marriott East Side Hotel at 525 Lexington Ave, at 49th Street 
Noon for lunch; Starts at 12:30 PM; Refreshment break at ~2:45 PM; Workshop ends at 4:30 PM

Workshop I: Improving strategic capital management with Integrated Valuation and Risk Modelling methods Led by Michael Samis, Associate Partner of EY, Toronto Ernst & Young 

Volatility in commodity prices and financial markets compounded by technical uncertainty make it difficult for natural resource industry professionals to assess the risk exposures and identify the factors influencing their Strategic Capital Management (“SCM”) decisions.  Integrated Valuation and Risk Modelling (“IVRM”) methods form a toolkit comprising advanced finance theory, risk management concepts, decision analytics, statistical analysis and numerical methods that can be used to analyse a wide range of SCM problems.  Types of applications include comparing alternative project development strategies, innovative financing structures, mergers and acquisitions, corporate portfolio risk and enterprise risk management.

This seminar demonstrates why IVRM is an important extension to the static cash flow models commonly used for investment analysis in the natural resource industries.  It includes an extended section discussing how to model commodity price forecast uncertainty and the forecast uncertainty characteristics for a range of metals and energy prices. 

Case studies are used to illustrate important IVRM concepts and their application to industry problems.  The case studies include:

a) The value and risk management benefits of staged development
b) Financing a project with a streaming (off-take) agreement
c) Influence of country risk on corporate portfolios

Professionals attending this workshop will improve their understanding of how the IVRM framework can be used to recognize the unique cash flow risk characteristics of individual projects and the how these characteristics influence value and risk at both a project and corporate portfolio level.

TOPICS INCLUDE

  • Overview of IVRM and Strategic Capital Management
    • Limitations of static cash flow models
    • Risk-based Strategic Capital Management
    • Dynamic cash flow modelling with IVRM
  • Effective modelling of commodity price forecast uncertainty
    • Three key components of modelling commodity price uncertainty
    • Types of commodity price uncertainty models
    • Models for gold, silver, copper and WTI oil
  • Risk management benefits of flexible staged project development
    • How flexibility influences risk and value
    • Managing capital investment risk with staged development
    • Information gain through dynamic cash flow modelling
  • Value and risk transfer effects of stream (off-take) finance
    • Dynamic risk and value transfer through finance
    • Risk exposure and value transfer between equity and streaming
    • Information gain through dynamic cash flow models
  • Impact of country risk on corporate portfolios
    • Representing country risk as a cash flow loss model
    • Cash flow level, project level and portfolio level country risk effects
    • Financing strategies for reducing country risk effects

Professionals attending this workshop will improve their understanding of how the IVRM framework can be used to recognize the unique cash flow risk characteristics of individual projects and the how these characteristics influence value and risk at both a project and corporate portfolio level. The course will be of interest to professionals involved with corporate development, financial reporting, operations, project design, risk management, and corporate strategy.



INSTRUCTORS

Michael Samis, Ph.D., P.Eng. – Associate Partner, EY Ernst & Young Mike is a mining engineer with more than 25 years of professional and research experience in the natural resource industries.  He specializes in analyzing Strategic Capital Management problems for natural resource companies.  His work ranges from analyzing investments in individual projects through to corporate portfolio analysis and involves complex forms of flexibility, financing, and risk exposure.  In 2013, the Canadian Institute of Mining and Metallurgy (“CIM”) awarded Mike with the Robert Elver Award for his contributions to the Canadian mining industry in the field of mineral economics.  He is a registered Professional Engineer in Ontario, Canada and he holds a Ph.D. from the University of British Columbia that combines the fields of mining engineering and finance.  Dr Samis is currently an Associate Partner at the Toronto office of EY’s Transaction Advisory Service where he and his team also value complex financial securities such as financial derivatives, employee stock options and contingent contracts.

Mauricio Zelaya, Ph.D. – Vice President, Ernst & Young, Toronto EY Ernst & Young Mauricio is a PhD trained econometrician with extensive experience providing econometrics and statistical modelling services for both private and public sector clients. He specializes in the economics of innovation, industrial organization, and more generally, the application of economic theory to real business issues. His work in this area spans across numerous industries, from oil & gas and mining to finance, healthcare, and pharmaceuticals.  Dr. Zelaya is currently a Vice President in the Toronto office of Ernst and Young’s Economic Advisory practice, where in addition to providing econometric and statistical modelling services, he is also a sessional lecturer in Economics at the Schulich School of Business at York University.

David Laughton, Ph.D. – Principal, David Laughton Consulting, Ltd. and Adjunct Professor, University of Alberta School of Business  For over 30 years, David has been a leading consultant helping major corporations to create and use better models of the value of risk and flexibility so that they can improve their ability to make better real asset decisions. His consulting work is based on his extensive applied research which began when he was a key participant in the seminal research programme in this field at the MIT Center for Energy Policy Research.

John Seddon is a Principal and Marketing Director for Control Risks in Canada. He has extensive experience consulting to investors and multinational companies across all industries, particularly in relation to matters in emerging and frontier markets. Since joining Control Risks in 2005, John has worked with clients on-the-ground in more than 40 countries, advising on strategies to manage integrity, political and security risks and to maximise their commercial opportunities. Immediately prior to his current role in Canada, John was a Director based in Lagos, Nigeria and Nairobi, Kenya. John holds a BA from McGill University, a MLitt from the University of St. Andrews and an International Diploma in Risk Management from the UK’s Institute of Risk Management.

Register in advance here to attend. There are no walk-ins. 

Workshop II: Application of enhanced techniques for assessing risks and opportunities in mineral resource estimates: some key points for mining finance professionals Led by Abani R. Samal, Ph. D., Principal, GeoGlobal LLC with Harry Parker, Technical Director of the Wood Group, formerly AMEC Foster Wheeler 

A computerized model of a mineral deposit is commonly used to estimate the total grades and tonnages of a mineral resources which contributes substantially to the assessment value of the deposit under consideration.  There are many ways one can estimate the mineral resources. The most common resource modeling techniques are very good at providing an estimate without any information for assessing risks and opportunities in the estimate of mineral-resources in a deposit. For example one often will see written: ‘A gold (Au) - silver (Ag) deposit with 150 MT of resources at 2.8 g/t Au and 81 g/t Ag’. This statement tells me, it is likely this deposit can produce about 150 MT of material in its life time with estimated average grades of 2.8 g/t Au and 81 g/t Ag. However, it would be very helpful if instead it could be said that: ‘It is a deposit with 150 (± 10%) MT of mineral resource at 2.8 ±0.21 g/t Au and 81± 3.6 g/t Ag’.   By indicating a range of possibilities for the grades and associated tons of the resource in this deposit, provides at least one measure of risk and potential opportunity associated with the inherent variability of the commodity (Au and Ag in this example) in a mineral deposit. The mining finance professionals can incorporate this information for flexing their financial models to properly incorporate the inherent risks and opportunities.

Today, various advanced resource estimation techniques are available which can generate estimates of mineral resources along with measures of risks and opportunities associated with the estimates. These information can realistically be are relied upon by the financing community. In this workshop, the instructors will discuss a variety of ways to interpret, question and understand some of the techniques used for resource estimation and methods to assess some of the risks associated with estimates of mineral resources. The participants will enjoy the presentations with some real life examples of what can be termed a mineral resource and reserve, per relevant industry standards. These examples will include drill targeting to optimize exploration results at a porphyry copper deposit in South America and determination of the effect of selective mining on recoverable tonnage and grade and resultant cash flows.

Presenter Dr Abani R Samal is the owner and Principal of GeoGlobal, LLC, Salt Lake City, Utah. He is in mining industry since 1996. He has worked worldwide in various projects. Dr Samal is well recognized in industry for his expertise in advanced geostatistics, mineral resource estimation, and strategic advice for mineral resource development. Currently he is providing consulting services to exploration and mining companies. Most recently he advised the World Bank, Rio Tinto and Government of Nigeria.

Dr Samal holds a Master of Technology (M Tech) degree from the Indian School of Mines (India); a DIC & MS in Mineral Deposit Evaluation from Imperial College, London and PhD from Southern Illinois University, Carbondale, USA. He has training and experience in mineral deposit evaluation. He is a Registered Member of SME and a Fellow of Society of Economic Geology (SEG) and a Certified Professional Geologist (CPG). He is an active contributing member of the committee that published the 2014 SME Guide for Reporting Exploration Results, Mineral Resources, and Mineral Reserves (the 2014 SME Guide). He is an honorary representative of CRIRSCO since 2015.

 

 

 

 


Harry Parker is Technical Director for Amec Foster Wheeler, a division of the Wood Group.  He holds BSc (Geol) and PhD (Geol) degrees from Stanford University.  He holds an AM (Geol) from Harvard and a MS (Statistics) from Stanford.   He has been a consulting mining geologist and geostatistician for over 40 years and has been active in resource and reserve estimation for over 200 projects on six continents.   He has used conditional simulation to evaluate the effects of uncertainty on tonnage and grade, and has used these to develop financial scenarios reflecting the uncertainty in common metrics such as NPV.   He has also studied and optimized the effect of selectivity on financial outcomes for mineral projects.   Harry is past chairperson of CRIRSCO, the Committee for Mineral Reserves International Reporting Standards and is Co-Chairman of the SME’s Mineral Resources and Reserves committee.

Amec Foster Wheeler, a division of the Wood Group

          


Register in advance here to attend. There are no walk-ins. 

After the two pre-conference workshops on Sunday April 29 join all for a Welcome Reception from 5 to 7 PM atop the New York Marriott East Side Hotel with fellow workshop delegates and others attending the CTMF Conference after the pre-conference workshops for a networking reception with beverages and hors d'oeuvres at the New York Marriott East Side Hotel at 525 Lexington Avenue at the corner of 49th Street. Meet with others attending the conference and other bankers, analysts, investors and interested professionals from New York's business community. Space is limited. You do not have to attend the conference to register for the receptions or the workshops. Register on line here
The photo below is from a 2017 CTMF workshop. We hope you join us. Get your questions answered.


Wednesday May 2 from 7:45 to 11:30 AM
Two Post-Conference Workshops

Shearman & Sterling LLP at 599 Lexington Avenue, corner of 53rd Street
Breakfast at 7:45 AM; Start at 8:30 AM; Refreshments at ~9:45 AM; End at 11:45 AM; Lunch ends 1 PM

Workshop III: Efficient, effective due diligence for modern mining investments
Led
by Lachlan Broadfoot, the CEO of Behre Dolbear on Wednesday May 2 from 7:45 for breakfast, starting at 8:30 through 11:45 AM followed by a lunch ending at 1 PM at Shearman & Sterling LLP 

Learn how to undertake a staged, yet comprehensive approach to mining project due diligence. The goal of this workshop is to equip attendees with an efficient, effective approach to understanding their potential project’s risks and determining valuation.  Topics to be covered will include basic technical information that needs to be reviewed, risks analysis, capital and operating cost and management evaluation. Alongside topics on traditional mining due diligence requirements, understand the impacts industry trends in technology deployment are having on production costs along with changing community and consumer influence increasing impacts with new sustainability and supply chain expectations. This workshop will cover:

  • Fatal flaw analysis of resources/reserves, mining methods, metallurgical recoveries as well as risk analysis including capital and operating cost issues, country and management risks.
  • Sourcing, measuring and applying the impact of new production technologies on your asset valuation
  • Increasing supply chain transparency and sustainability expectations by consumers and investors
  • Quantifying these impacts on projects and stakeholders through Social Return on Investment (SROI) economic analysis
  • Brownfield verses Greenfield projects, key differences in their risk and investment assessment

Attendees will be taken through these topics and receive a detailed checklist as reference for their future investment due diligence. 

Lachlan Broadfoot is the recently appointed CEO of Behre Dolbear, the 110-year-old mining and finance industry consulting firm. Lachlan has a deep understanding of the mining business and its role in the global economy from his background in engineering, commodities marketing and management.  He was co-founder and CEO of Salva Resources, a 250 personnel team of technical and commercial experts that operated across six countries.  Post the sale of Salva to US engineering firm HDR, Lachlan managed their global mining market sector.  He has also worked for Anglo American (Australia), Rio Tinto (Australia), HDR (New York) and EAS Capital Advisory (New York).

Register in advance here to attend. There are no walk-ins.   



IV. Sustainability in mining – Innovation to reduce mining life cycle costs and impacts
Led by Dr. Lisa Kirk, Ph.D., P.Geo.- Principal Biogeochemist and CEO of Enviromin Inc on Wednesday May 2 from 7:45 for breakfast, starting at 8:30 through 11:45 AM followed by a lunch ending at 1 PM at Shearman & Sterling LLP 

Global efforts to improve circular economy distinguish mining as an industry with significant potential to improve life cycle efficiency and sustainability.  Circular economy is based on a closed-loop concept founded in industrial ecology, wherein wastes become resource inputs for other production processes.  More sustainable methods of extracting and processing of minerals, with more efficient management of externalities, has great potential to reduce the life cycle risk and cost of mineral production.  Meeting these challenges will require innovation in extractive and environmental technology as well as policy.  

Our review of concepts in sustainability and opportunities to improve circular economy in mining will lead us to examples of innovation through application of biotechnology to mine waste stabilization and treatment of mine-impacted water that foster “closing the loop.”  Our course will end with  breakout group discussions about the role of innovation and econometrics in advancing sustainable mineral development.

Presenter
Workshop leader Dr. Lisa Kirk, Ph.D., P.Geo.- Principal Biogeochemist and CEO of Enviromin Inc. works to improve the circular economy of mining through the application of biotechnology and industrial ecology principles to in situ mining, waste management, and water treatment.  She will highlight biotechnology opportunities for innovation and illustrate their value to improved circular economy and reduced mining costs.  The application of best-available biotechnology can improve process efficiency, reduce waste production, protect water resources, and improve the circular economy of a mostly linear minerals industry.  This, in turn, will reduce liability and improve social license for this beleaguered but essential industry.

The workshop will begin with an overview of the Circular Economy concept.  We will then examine the need to close the loop in mining on a financial basis, and move on into opportunities to accomplish this through systems engineering, technical innovation and policy.  We will conclude our workshop with a panel-led discussion.

Register in advance here to attend. There are no walk-ins. 

           

All must register in advance to attend the conference, workshops, and receptions. You do not have to attend the conference to register to attend the workshops and or receptions. Space is limited. Visit program for the agenda, showing the speakers. 
There are no walk ins. Registration will be monitored and may close early. 

We hope to see you at



SME's 6th annual Current Trends in Mining Finance Conference - Investing in Technology and Innovation & Managing Disruption and Risk in the New Normal 
Connecting Mining, Finance and Engineering Executives TM 
Sunday April 29 to Wednesday May 2, 2018

All attendees must register in advance on line here To learn more about the evening receptions click here.
For hotel suggestions click here Visit agenda for updates and schedule changes​​​​​​​​​ and click here for one page schedule

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