NY SME thanks the workshop organizers and instructors and sponsors.
Photo below is of a workshop led by Graham Clow, P.Eng., Chairman, Principal Mining Engineer from RPA at CTMF 2017
Below are descriptions of the five workshops, with instructors' bios and other details
Sunday April, 28, 2019 - Two 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: Mine to Mill Reconciliation and Assessment of Productivity of a Mining Project over its Life: Importance of Post Investment Reviews
This workshop is intended to start a dialogue on the post investment review during the life of the mine in order to check if the mine is achieving the production target. In many cases mines do achieve the production targets and it is an opportunity to learn the reasons for such achievements.
Mining operations, where production seems to be under-performing compared to plan, need special attention for better understanding reasons for such results. Sometimes, the production plan can be unrealistic and is not based on ground truth. There are many other reasons for production not matching with the plan at a monthly or quarterly or yearly time scale.
In many cases the large mining companies conduct a post investment review of the productivity with helps them to realize the truth about the project. The mining finance companies should conduct such reviews to ensure that the investment would result in good return.
Instructors: Dr. Abani R. Samal has been in the 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, Government of Nigeria and many mining finance companies.
Peter Christensen (PE) has extensive international mining experience. He has held senior positions with major mining companies, contractors, and service providers. Mr. Christensen has experience in managing feasibility studies, mine development, mining method and equipment selection, mine planning, cost estimation, and reserves estimation. He has conducted due diligence on mining assets on all continents; economic and financial evaluations of mining operations; reserve audits; operational and HSE audits; provided litigation support; and undertaken reviews of mining practices, cost structures, and operating performance. His commodity experience includes coal, lignite, potash, trona, oil sands, oil shale, gold, silver, copper, beryllium, tin, nickel, bauxite, mineral sands, limestone, aggregates, and clays.
Register in advance here to attend. There are no walk-ins.
Workshop II: Political Risk - Recognizing Its Impact on Mining Operations, Corporate Strategy and Investment Decision-Making
Mining companies often make substantial investments in foreign countries as part of the process of finding, developing and operating mining projects. In addition to financial and technical mining uncertainties, these investments are exposed to political risk or the possibility that an investment’s performance is adversely affected by the unexpected actions of the host country and other actors such as the local community or transnational organizations. Recent examples of political risk events include mining royalty and tax changes, punitive environmental or tax penalties, restrictive downstream processing or concentrate export requirements, and local community protests. Traditionally, mining companies have recognized political risk by attaching an additional risk premium of the discount rate they use to assess an investment. However, forward-thinking mining companies have begun to manage political risk through a formal program that:
- Explicitly recognizes political risk as a cash flow effect when assessing possible investments,
- Actively monitors and responds to political risk events affecting operating mines and development projects, and
- Assesses the combined effect of multiple political risk exposures on a company’s project portfolio and long-term corporate strategy.
This short course provides an overview of political risk in the mining industry and the strategies that companies can use to manage this exposure. We discuss how political risk can be measured, describe a framework that a company can use to assess prospective investments, manage existing investment exposure, and aggregate political risk at a corporate level. The course will also introduce a quantitative model to explicitly recognize the investment impact of political risk. A case study involving a fictitious company developing and operating a number of mines globally will be advanced during the course to illustrate how the various ideas come together as part of an overall political risk management program.
In a time of unpredictable actions by a range of industry stakeholders, a formalized approach such as the one discussed in this course is required to assess and manage the political risk exposure of mining investments. Such an approach goes beyond simple discount rate adjustments and helps the mining industry improve capital allocation and protect existing investments by generating more meaningful insights about the risk trade-offs associated with political risk management strategies.
Professionals attending this workshop will improve their understanding of how to assess political risk and how this risk exposure influences 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. – Principal, SCM Decisions. Mike is a mining engineer with more than 25 years of professional and research experience in the natural resource industries. He specializes in analysing Strategic Capital Management problems for natural resource companies. His work ranges from analysing 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 was previously an Associate Partner at the Toronto office of EY’s Transaction Advisory Service where he valued complex financial securities such as financial derivatives, employee stock options and contingent contracts. He is currently a principal at SCM Decisions where he assist clients in the natural resource industries align capital allocation decisions with corporate strategy.
John Seddon, MA, IDRM - Principal and Marketing Director, Control Risks (Canada) John 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.
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.
Register in advance here to attend. There are no walk-ins.
After the two workshops on Sunday April 28, 2019 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. The evening reception with beverages and lite snacks and hors d'oeuvres will be a time for all to talk and meet with others attending the conference and 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 1, 2019 - Two Workshops at Shearman & Sterling LLP at 599 Lexington Ave.
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: Valuing Mineral Assets and Operations – Understanding Valuation Issues
The need to establish the value of mineral assets and operations arises in many contexts—acquisitions and divestitures, investment decision-making, collateralizing assets, public reporting, financial accounting, shareholder disputes, and a variety of other adversarial actions. Each can entail a different set of issues and, accordingly, each may require the determination of a different standard of value.
In conducting any valuation, two concepts should be kept in mind: 1) value is a perception and 2) there are various standards of value. Regarding the first, it should be noted that value is not inherent in the goods, commodity, or service to which it is ascribed but rather is created in the minds of those who make up the market. Regarding the second, it should be noted that value expresses an economic concept and, as such, is never a fact but always an opinion. In expressing such an opinion, the term “value” must be accompanied by a specific definition of the term and the term must also be qualified, for example: market value, liquidation value, investment value, and so forth.
This workshop is designed to provide participants the basic foundation to allow the selection of appropriate standards of value and valuation approaches and techniques. This workshop is intended to benefit both those who conduct valuations and those who may be required to use them. The following modules will be presented in this workshop.
- Resource/Reserve Classification Systems – It is not uncommon in valuing mineral assets, whether the resources/reserves themselves, mining enterprises, or equity interests, for the appraiser to have only a superficial understanding of industry accepted classification systems and the implications of the designations used in these systems. These issues and their appropriate applications will be addressed for both international and domestic classification systems.
- Valuation Standards – Definitions and the appropriate uses of the six most commonly encountered standards of value will be addressed, notably, Investment Value, Market Value, Fair Value, Use Value, Liquidation Value, and Intrinsic (Fundamental) Value.
- Public Reporting Issues – Public reporting requirements do not necessarily coincide with the valuation practices and standards used by market participants. In this module, both international and domestic reporting standards will be reviewed and their impact on various valuation circumstances will be addressed.
- Valuation Process – This module will address the valuation process itself, including standards of value; valuation approaches and techniques, including the allocation of enterprise value to reserves and resources; and examples from the presenter’s industry experience. Additionally, this module will address what the presenter terms the “Inferred Resource Conundrum.”
- Closing –Although participation will be encouraged during the presentation of the various modules, the final segment of the workshop will provide a recapitulation of the issues addressed and a dialogue in response to attendees’ questions.
Instructor: Alan K. Stagg, PG, CMA – President & CEO, Stagg Resource Consultants, Inc. Alan is an economic geologist with 55 years’ experience in the mining, minerals, and energy industries and 40 years’ experience in natural resource-related appraisals, including the appraisal of mineral estates and leasehold interests; the appraisal of plant, machinery, and equipment; the appraisal of intangible assets such as sales contracts, storage field easements, and interests in oil and natural gas enterprises; and the appraisal of business enterprises and equity interests. Natural resources appraised include coal, oil and natural gas, coalbed methane, a variety of precious and base metals, fluorspar, phosphate, potash, uranium, trona, gypsum, hectorite, kaolin, salt, crushed and dimension stone of various types; and sand and gravel. Appraisals have been conducted in 40 states; several Canadian provinces; and in Brazil, Mongolia, and Russia. Alan is a registered professional geologist in 15 states, a Certified Mineral Appraiser by the International Institute of Minerals Appraisers, and an SME Registered Member.
Workshop IV: Are you ready? A Comprehensive Approach to Navigate the U.S. Securities and Exchange Commission’s New Mining Property Disclosure Requirements
On October 31, 2018, the U.S. Securities and Exchange Commission (SEC) adopted new mining property disclosure requirements. The new rules have significant implications for existing and new listings on U.S. stock exchanges. Public issuers (including owners, operators and royalty companies) engaged in mining operations traded in U.S. stock exchanges must comply with the new rules for their first fiscal year beginning on, or after, January 1, 2021.
This short course provides an overview to help mining companies and investors understand the new disclosure requirements and provide management with a strategy for navigating the changes and achieving compliance ahead of time. You will learn how to navigate the new SEC regulations with a staged, yet comprehensive approach.
Course topics will include:
- Fundamental concepts and principles
- Comparing SEC regulations with other international standards
- Disclosure in all project phases
- Triggers to file a Technical Report
- Required Content for Technical Reports
- Exploration results reporting
- Mineral resource classification
- Inclusion of inferred resources
- Qualifications, definitions, independence and liabilities of QPs
Professionals attending this workshop will improve their understanding of what needs to be completed and the timeline involved in which to achieve this before the deadline. The course will be of interest to all professionals involved with corporate development, financial reporting, operations, project design, risk management, reporting compliance and corporate strategy.
Instructors: Ben Parsons, MSc, MAusIMM (CP), Principal Consultant (Resource Geologist), Mr. Ben Parsons has over 18 years of broad geological experience, specializing in gold mining. Since joining SRK, Ben’s responsibilities have included the generating of geological modelling, the production of independent mineral resource and ore reserve estimates, due diligence, planning managing/ supervising and auditing of exploration/mining projects, project evaluation as part of Competent Person’s/Mineral Expert Reports and stock exchange listings, technical reviews, and project managing of technical studies such as exploration programs, mineral resource and ore reserve studies, scoping/conceptual studies, pre/definitive feasibility study projects and Competent Persons Reports. International projects include gold, silver, base metals, copper, molybdenum, niobium and phosphate.
Ben’s key skills include in-depth knowledge of Datamine Mining Software package. He has experience in developing geological models, databases, QA/QC, mineral resource estimates, grade control practices and reconciliations, all reported in accordance with international reporting codes, such as JORC, SAMREC, CIM, etc. Ben has also been active in providing training courses in mineral resource estimation. Ben has a comprehensive understanding of project development and technical requirements from junior exploration companies at grassroots exploration level through to the listing of large multi-national operating companies with multiple assets.
Other Instructors for this workshop will be announced later.
Wednesday May 1, 2019 from Noon to 4 PM at Shearman & Sterling
Workshop V: Measuring Climate Risk: An Interactive Workshop on Meaningful Measures of Climate Risks in Relation to Financing Mining and Infrastructure Projects
The Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) recommends including climate-related financial disclosures in either financial filings or annual reports. The benefit of including climate-related risk is greater transparency for investors, lenders, and insurance underwriters in evaluating projects and understanding how companies oversee and manage climate-related risks and opportunities. Disclosure of climate-related risks associated with mineral resource and infrastructure projects is part of the financial filings and annual reports when the information is material. Transparent reporting of climate-related risks by an organization can provide investors with a better assessment of potential risk-adjusted returns for a project and the ability to meet financial obligations. The instructors for the workshop will present information on how:
- Climate risk is material, measurable and manageable;
- The resilience of a mining or infrastructure project influences public finance ratings; and
- Parametric insurance is an alternative to reduce financial risk from catastrophic weather events.
Professionals attending this workshop will improve their understanding of measuring climate risks, and how the transparent disclosure of climate risk and resilience to climate risk influence the financial position of mineral development or infrastructure projects. In addition, the workshop will also discuss how parametric risk insurance can play a key role in reducing potential financial risks associated with climate change.
Instructors: James McMahon – CEO, The Climate Service: James McMahon is co-founder and CEO of The Climate Service, a technology company that helps corporations measure, monitor, and manage their climate risk using big data and world-class expertise. The Climate Service’s risk analytics software gives investors and corporate managers the financial information they need to incorporate climate-related risk into their decisions. James began his career in global change by studying physics at Harvard University, and atmospheric chemistry at MIT under the guidance of Nobel Laureate Mario Molina. After leading several technology companies, James served as Senior Advisor to the Director of NOAA's National Centers for Environmental Information, who is now a senior advisor to The Climate Service.
Don Marleau - Natural Resources Sector Lead, S&P Global Ratings: Don Marleau has analytical oversight for the metals and mining, building materials, forest products and building sectors. Don also covers industry-leading credits in each industry, including Newmont, Alcoa and Lennar. As Sector Lead, Don is responsible for ratings quality, industry-level credit themes and commentary and outreach to investors. Don has covered issuers in various materials industries since 2000, serving as a global coordinator for metals and mining since 2008. Don also covered asset-backed securities in the early 2000's. Don holds the Chartered Financial Analyst designation and a Bachelor of Commerce with Honours from Laurentian University in Sudbury, Ontario, Canada.
Michael Ferguson – Director U.S. Energy Infrastructure Group, S&P Global Ratings: Michael Ferguson has a portfolio of project financed power plants, infrastructure assets, and independent power producers. Much of his thought leadership research revolves around environmental regulation and energy policy. Michael’s experience includes an array of cases, ranging from stock option backdating and revenue recognition to embezzlement and ponzi schemes. Michael is a member of the American Institute of Certified Public Accountants, the Certified Financial Analyst Institute, and the Association of Certified Fraud Examiners. Michael is a Chartered Financial Analyst, a Certified Public Accountant (DC and VA), a Chartered Alternative Investment Analyst, and a Certified Fraud Examiner.
Rohini Sengupta – Associate Director, Willis Towers Watson: Rohini Sengupta is an Associate Director for Willis Towers and Watson. Rohini is part of the North America Capital, Science and Policy group and works with policymakers, international financial institutions, and international organizations to leverage insurance capital and techniques for larger societal questions of risk and resilience.
Leslie M. Watson – Principal, Watson Environmental: Leslie Watson is a senior regulatory specialist and project manager with over 25 years of experience evaluating natural resources development projects and land management planning. Leslie has managed and provided technical expertise for projects in the western U.S/, and Alaska. These projects include oil and gas pipelines, coal and hard rock mines, reservoirs, forest fuel reduction, and water supplies. Leslie has experience conducting numerous field surveys and assessing impacts on biological resources and ecosystem services.
There are no workshop walk-ins. All must register here to attend the conference, workshops, and receptions. You do not have to attend the conference to register to attend workshops or receptions. Space is limited. Visit program for the agenda. Registration will be monitored and may close early.
Pic below is from a refreshment break during Simon Moores', CEO of Benchmark Minerals' workshop re Battery Materials at CTMF 2017
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We hope to see you at
SME's 7th annual Current Trends in Mining Finance Conference Smarter Mining and Finance:
How are Technology and Innovation Disrupting Mining Economics? New Frontiers and Risks
Connecting Mining, Finance and Engineering Executives TM
Sunday April 28 - Wednesday 1, 2019
Return to this website for updates. Download a flier about CTMF 2018 The format of CTMF 2019 will be similar to the 2018 event and held in the same wonderful venues shown in pictures in this site. All attendees must register in advance on line here To learn more about the receptions click here. For hotel suggestions click here Visit agenda for updates and schedule changes.