Covid19 Update: CTMF 2020 has been postponed. Please revisit this site for updates.
Workshop descriptions and the instructors' bios are below
CTMF workshops, on Sunday May 10 and Wednesday May 13, are sessions to exchange, discuss and share ideas and ask questions of instructors and fellow delegates.
Each workshop is presented by leading subject-matter experts who will discuss examples and case studies about best practices, core issues and trends with plenty of time to engage with attendees. You do not have to attend the conference to register for any of the workshops.
New York area financial and equity analysts, bankers, investors and other professionals are welcome to register to attend the workshops. Register early, as space is limited*.
Sunday May 10, 2020: Two Workshops from Noon to 4:30 PM at the New York Marriott East Side Hotel
I. Lessons learned from mega projects and mining projects - Key success factors led by Baqun Ding, Ph.D., Global Manager for Mining, Mineral and Metals of Independent Project Analysis, Inc.
II. Are you ready? An Update to Navigate the U.S. Securities and Exchange Commission’s New Mining Property Disclosure Requirements: Get Ready before 2021 led by Ben Parsons, MSc, MAusIMM (CP), Principal Consultant (Resource Geologist), SRK Consulting (U.S.) and Matthew Sullivan, Consultant, Mining Economics, SRK Consulting (U.S.)
Sunday May 10, 2020: Welcome Reception from 5 to 7 PM at the New York Marriott East Side Hotel
III. Mining asset valuation and its uses led Dr. David Laughton from David Laughton Consulting
Wednesday May 13, 2020: Two Workshops from 7:45 to 11:45 AM at Shearman & Sterling
IV. Digital transformations, Technology implementation: How to get started, what to expect, how to benefit and lessons learned led by Jon Wylie, President, Natural Resources, Proudfoot and Sandeep Sandhu, General Manager North America, RPM Global
Wednesday May 13, 2020: Two Workshops from Noon to 4:15 PM at Shearman & Sterling
V. The value of cost estimating of mining projects at the scoping stage led by Jennifer Leinart, L.G. President, InfoMine USA, Inc. CostMine and Sam Blakely, Cost analyst/Geologist, InfoMine USA, CostMine
VI. Measuring, quantifying and monetizing risk exposure in a mining organization led by Michael Hartley, Founder & CEO of Minetell and Dana McNaughton, Minetell Strategic Advisor
Read about the workshops below. NY SME thanks the organizers.
Below is Graham Clow, P.Eng., Chairman & Principal Mining Engineer of RPA leading a CTMF 2017 workshop
Sunday May 10, 2020 there will be two workshops at the New York Marriott East Side Hotel at 525 Lexington Ave, at the corner of 49th Street. Registered delegates please arrive promptly at Noon for lunch. Workshops start at 12:30 PM. Refreshment break at ~2:45 PM. End at 4:30 PM. Sunday workshop delegates will also be registered to attend a Welcome Reception from 5 to 7:15 PM also at the Marriott. Please register in advance. There are no walk-ins.
Workshop I. Lessons learned from mega projects and mining projects - Key success factors by Baqun Ding, Ph.D., Global Manager for Mining, Mineral and Metals of Independent Project Analysis, Inc.
Dr. Baqun Ding will discuss key lessons learned from the more than 20,000 capital projects in IPA’s database and provide a road map about key success factors that can be used to help projects deliver superior business value. The workshop is for officers who evaluate and can influence the success of mega-projects and mining investments during project life.
In two parts, the workshop will discuss insights into what matters about the most important decisions and challenges for investors, engineers, sponsors, private or government, project directors and professionals to deliver successful mega-projects.
Throughout the engaging workshop, Baqun will answer delegates' questions.
• Dr. Ding will discuss projects’ complexity and performance and how companies measure project success. He will also highlight issues impacting success of over 400 mega-projects and 500 mining, metal, mineral processing, and infrastructure projects, e.g., power, roads, rails, water treatment, waste water, and facilities that are part of IPA’s extensive benchmarking and statistical analysis database.
• He will also outline key success factors to achieve superior performance for these complex projects and discuss Best Practices for organization, governing processes, team and project definition, and myths and realities about project management.
Instructor Bio: Baqun Ding currently serves as Global Manager for the Mining, Minerals, and Metals sector of IPA, and a member of IPA’s Review Board. After joining IPA in early 2006, Dr. Ding has involved in analysis and review of dozens of complex mining, and exploration & production projects located in different regions facing different risks. Dr. Ding also contributed to IPA’s intellectual property development for mine project evaluation. His areas of expertise include reserve estimates, mineral asset evaluations, feasibility study, and mine planning and design. Prior to joining IPA, Dr. Ding worked as a mining engineer for approximately 20 years, including years of hands-on project assignment.
A second workshop on Sunday May 10, 2020 will also be at the New York Marriott East Side Hotel at 525 Lexington Ave. Register today. Space is limited*. Arrive promptly at Noon for lunch. The workshop will start at 12:30 PM, with refreshment break and ends at about 4:30 PM. Sunday delegates will also be registered to attend a Welcome Reception from 5 to 7:15 PM. There are no walk-ins. You do not have to attend the conference to register for the workshops or receptions.
Workshop II: Are you ready? An Update to Navigate the U.S. Securities and Exchange Commission’s New Mining Property Disclosure Requirements: Get Ready before 2021 led by Ben Parsons, MSc, MAusIMM (CP), Principal Consultant (Resource Geologist), SRK Consulting (U.S.) and Matthew Sullivan, Consultant, Mining Economics, SRK Consulting (U.S.)
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 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. SRK will provide comparison of the new code to other established reporting codes and highlight key differences. As the time required required to ensure compliance shortens, you will learn how to navigate the new SEC regulations with a staged, yet comprehensive approach.
Course topics will include:
- Fundamental concepts and principles;
- Key differences between SEC regulations and other international standards (CIM, JORC);
- Compliance timeline and critical issues;
- Planning for compliance based on SRK’s on-going experience;
- Disclosure in all project phases;
- Triggers to file a Technical Report;
- Required Content for Technical Reports; and
- 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. SRK will provide examples of strategies for mining companies currently working towards compliance. 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.
Instructor Bios: Ben Parsons, MSc, MAusIMM (CP), Principal Consultant, Resource Geologist. Ben 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.
Matt Sullivan, Senior Consultant: Mining Economics, SRK Consulting. Matt has a metallurgical engineering and economics background with ten years of experience analyzing, optimizing and valuing mining operations from internal and external positions. Mr. Sullivan has extensive experience designing and leading diligence processes for mining assets ranging from early stage exploration through to operating mines. He has priced, negotiated and closed mining deals across the globe in a wide variety of commodities via structures ranging from royalty and equity investment to term and convertible debt facilities. His experience as a mining sector professional funding the development and operation of mining assets provides a unique perspective on what it takes to study, build, operate and invest in the mining sector.
Below is Michael Samis, SCM Decisions leading a CTMF 2019 workshop about the Impact of Political Risk
After the two workshops on Sunday May 10, 2020 will be a Welcome Reception from 5 to 7 PM at the New York Marriott East Side Hotel. All registered Sunday workshop delegates are included on the registration list to attend the Sunday Welcome reception. At the reception, meet fellow workshop delegates and others attending the conference and members of the New York business community to enjoy beverages and lite snacks and hors d'oeuvres. This is not a dinner.
You do not have to attend the conference to register for the workshops or receptions - times to meet fellow delegates, bankers, analysts, investors and interested professionals from New York's business community. Space is limited. Register here
Welcome Reception is Sponsored by Blake, Cassels & Graydon; Énergir; Golder Associates; Great Bear Resources: RESPEC Consulting; SynTerra Corporation
The photo below is from a CTMF workshop. Get your questions answered. We invite you to join us!
Wednesday May 13, 2020: Two morning workshops at Shearman & Sterling at 599 Lexington Ave. Breakfast at 7:45 AM. Workshop starts at 8:30 AM, with refreshment break; end at 11:45 AM. Lunch ends at 1 PM. Following lunch will be two more workshops that are described below. Register here. All must register in advance. Space is limited*. There are no walk-ins.
Workshop III: Mining asset valuation and its uses led by Dr. David Laughton from David Laughton Consulting at Shearman & Sterling at 599 Lexington Ave. Breakfast at 7:45 AM; start at 8:30 AM; with refreshment break; end at 11:45 AM; lunch ends 1 PM.
The management of a public corporation has a fiduciary responsibility to make the value of the assets under their control as large as possible. This makes asset value a key metric in their decision-making process. Traditional methods of estimating asset value, like standard discounted cash flow analysis, are known to undervalue most long-term assets especially those with low long-term costs. They are also not suited for the detailed analysis of the value of operational flexibility or flexibility in the structure of future design decisions. Fortunately, there exist better methods, which do not suffer from these problems, based on:
1) developments in the theory of asset valuation
2) developments in decision and data analysis techniques
3) the availability of long time-series of commodity-linked asset price data
This workshop is a high-level introduction to how to use these newer methods and why it is important to explore doing so. It also addresses how to introduce these methods into the business processes of a mining corporation with a maximum of analytical benefit and a minimum of organizational change and cost. Although to save time, the examples participants will work on will be about copper deposits, the techniques are more generally applicable. The issues arising from that will be discussed.
Agenda for workshop about: Mining Asset Valuation and its Uses
A Financial Economist's View of Asset Value (45 minutes)
1) What is asset value?
2) How may asset value estimates be used to inform real asset-decision-making?
3) What are the limits of its use and whence come these limits?
4) How may asset value be estimated?
Modelling the Dynamic Resolution of Uncertainty (45 minutes)
1) Commodity prices for commodities with futures/forward markets
2) Other commodity prices and other commercial variables
3) Asset specific geological and technical variables
A Simple Long-term Decision Analysis (45 minutes)
In this session, we will work with an example of "now or never" design decisions over production capacity and ease of reclamation for a copper mine. An Excel workbook will be provided to allow participants to explore this case. Participants should bring their own computers with Excel installed. The source workbook has been created using Office 2011 for the Mac and will be distributed by email in early April.
A More Detailed Long-term Decision Analysis (75 minutes)
In this session, we examine an example of design decisions regarding a copper resource, where current decisions influence decisions to be made in the future. I plan to decide which case to use sometime in the next few months.
The possible choices include:
1) determining a reservation bid in the 1996 Antamina copper and zinc mine auction.
2) decisions about a final bit of ore delineation and subsequent capacity decisions for an initial deposit and a potential future satellite deposit
3) decisions about a final bit of ore delineation and subsequent capacity decisions for an initial surface mining operation followed by possible underground extension.
The Antamina case has already been worked up based on some "after the fact" consulting I did at the time for one of the participants in the auction.
Wrap Up (15 minutes)
This will allow participants to share their thoughts and ask questions regarding next steps.
Instructor Bio: Dr. Laughton has helped most of the largest companies, among others, in extractive industries to use financial market valuation methods to make better real asset decisions, e.g., by not undervaluing assets with long-term cash-flows, low costs, or future flexibility. He has also helped governments design appropriate fiscal and regulatory policies for these industries. David Laughton Consulting is based on his extensive applied research, initially as a key participant in the seminal research program in this field done at MIT, from which he has a finance PhD, and where he was later a Visiting Scholar.
Dr. Laughton has been an Adjunct Finance and Mining Engineering Professor at the University of Alberta. The Society of Petroleum Engineers and the International Association for Energy Economics have both asked him to lead efforts to expose their members to his work. Finally, he led processes to create multidisciplinary climate change research programs in Canada. http://www.davidlaughtonconsulting.ca/about/testimonials_industry.html
A second morning workshop will be on Wednesday May 13, 2020 at Shearman & Sterling at 599 Lexington Ave. Breakfast starts at 8 AM, workshop starts at 8:30 AM, with refreshment break and ends at 11:30 AM. All Wednesday delegates are welcome to attend lunch starting at 11:45 AM that will end at 1 PM. All must register in advance to attend. There are no walk-ins. You do not have to attend the conference to register to attend the workshops and or the receptions.
Workshop IV: Digital Transformations: Technology implementation: How to get started, what to expect, how to benefit and lessons learned led by Jon Wylie, President, Natural Resources Proudfoot and Sandeep Sandhu, General Manager North America, RPM Global
Understanding Digital Transformation and Benefiting from New Technologies - This workshop will provide a clear understanding of what digital transformation is and how to benefit from new tools and technologies that are available to investors and management of mining and related projects. We will explore new and emerging software, analytics and technologies for the life of mine cycle from exploration to operations to closure, and tools for evaluating and monitoring assets for small operations to large assets across the entire enterprise. We will also discuss prudent technology application, lessons learned, and travel to the horizon to glimpse exciting, disruptive and potentially game changing technologies incubating for the future.
Instructors' Bios: Jon Wylie, President, Natural Resources, Proudfoot. Jon Wylie, is President Global Natural Resources practice, joining Proudfoot as a Consultant in 1987, with over 30 years experience in the sector Natural Resources industry. Jon leads the Proudfoot Global Natural Resources practice, combining Industry knowledge and capability with Proudfoot transformation solutions and unique “boots on the ground” engagement to implement sustainable, measurable improvements. Jon’s functional knowledge spans delivery of productivity improvement projects across diverse cultures, with solutions focused on safe operations, organizational engagement and management capability development. Global Natural Resources Practice at Proudfoot was recently recognized by the Management Consulting Association for Outstanding International project for work with our client Partner in Rio Tinto’s Oyu Tolgoi mine.
Sandeep Sandhu, General Manager North America, RPM Global. A sales and marketing executive, Sandeep brings over 20 years of technology sales experience to the management team at RPMGLOBAL. Mr. Sandhu joined RPMGLOBAL in 2019 to lead the North American sales organization with strategic sales, planning, business development and support initiatives across North America. Mr. Sandhu is currently the Senior Executive responsible for RPMGLOBAL operations in North America. Prior to joining RPMGLOBAL, Mr. Sandhu spent four years with Dassault Systèmes as a senior executive responsible for North America, and over a decade with IBM Canada with his last role as Sales and Territory Executive for Enterprise Clients. Responsible for developing integrated sales and business strategies, Mr. Sandhu led a cross-functional sales and marketing team and leveraged distribution channels all designed to meet client business objectives with significant revenue streams for IBM. Prior to IBM, Mr. Sandhu held several other Sales and Project Management roles. Mr. Sandhu holds a Bachelor of Engineering in Electrical Engineering from the University of Victoria, in British Columbia. He currently sits on the Board of the Burnaby Association for Community Inclusion.
On Wednesday afternoon May 13, 2020 there will be two workshops. Lunch will be available at 11:45 AM. The workshops will start at 12:30 PM, with a refreshment break and end at about 4 PM at Shearman & Sterling at 599 Lexington Ave. Register to attend. There are no walk-ins.
Workshop V: The value of cost estimating at the scoping stage led by Jennifer Leinart, L.G. President, InfoMine USA, Inc. and Sam Blakely, Cost analyst/Geologist, InfoMine USA, CostMine,
What are the factors that allow some projects to succeed and others to fail? The mining industry has been challenged in recent years with fluctuating commodity prices, cost overruns, delayed permitting and investor dissatisfaction. While some of these issues are out of the control of the project developers, others can be mitigated by good cost estimating efforts at the scoping stage, which can later be refined as the project progresses.
In this workshop, we will go over the reasons why projects should be evaluated at an early stage. We will explain the various methods for cost estimating, show tips and tools, and provide data.
Cost Estimates – What are the differences between scoping, pre-feasibility and feasibility?
Estimating Capital and Operating Costs – How can understanding OPEX and CAPEX lead to selecting the best cutoff grades, optimal mine design and guide further exploration, development and investment?
Estimating Methods to be covered:
Mineral Development Project Components to be discussed:
And lastly, we will provide a quick overview of the value of economic evaluation at the scoping stage, including a discussion on Discounted Cash Flow, Rate-of-Return, Net Present Value Sensitivity Analysis, taxes and more.
Instructors’ Bios: Jennifer Leinart, L.G. President, InfoMine USA, Inc.: Jennifer has over 40 years of experience in the mining industry, from exploration through development and mine operations. She is a specialist in cost and resource estimating and economic analysis, starting out in the team that developed the Red Dog mine in Alaska after it was discovered in the 1980s. She has worked on projects ranging from metals to coal and diamonds to garnets in North American and international locations. Jennifer is a registered member of SME and a licensed professional geologist based in Spokane, Washington, USA. She holds a BSc degree in Geology from Colorado State University. InfoMine USA, Inc. is now a part of the Glacier Resource Innovation Group
Sam Blakely, Cost analyst/Geologist, InfoMine USA, Inc., CostMine: Sam has experience working for diverse clients in the base metal and industrial mineral industries. He has contributed to several assorted projects in South America, East Africa and throughout the Western United States. His experience with InfoMine has focused on research and cost estimating for InfoMine publications and clients, as well as working with InfoMine’s development team to ensure the quality of Mining Intelligence Evaluate. InfoMine USA, Inc. is now a part of the Glacier Resource Innovation Group.
A second afternoon workshop will be on Wednesday May 13, 2020 at Shearman & Sterling at 599 Lexington Ave. Register today. Please arrive at 11:45 AM for lunch. The workshop will start at 12:30 PM, with a refreshment break and workshop ending at 4:15 PM. There are no walk-ins. All must register in advance. You do not have to attend the conference to register to attend the workshops.
Workshop VI. Measuring, quantifying and monetizing risk exposure in a mining organization
led by Michael Hartley, Founder & CEO of Minetell and Dana McNaughton, Minetell Strategic Advisor
Understanding an organization’s risk profile and risk exposure has never been more important. Managing operational uncertainty (risk) requires organizational capability and sufficient capacity to deliver effective and efficient risk management programs. Currently, those in the mining sector with accountability for governance, risk and compliance do not have the insight and actionable information for defensible decision-making and to provide stakeholders reasonable assurance that material risks are managed and controlled.
Without reliable information, they are unable to predict and proactively take action on material unwanted events. These events and the associated impacts continue to pose increasing potential for erosion of shareholder value and business reputation. Beyond the recognized commercial, property damage and business interruption losses – the impacts include stakeholder trust, social license to operate, and socio-economic challenges for affected communities. A key challenge for stakeholders is to ensure that they understand how the management of risk is embedded and integrated into a mining organization’s governance and management processes.
The goal of this workshop is to inform participants and provide an understanding of:
- The concepts of measure, analyse and improve;
- Problem definition and the gaps that exist today
- Solution model and how risk exposure and control effectiveness can be quantified, measured, monitored and reported; and
- Why this information is important for the investment community, other stakeholders and the mining sector.
This workshop is designed to provide participants with an understanding of the capability and capacity challenges currently being experienced in the mining sector regarding risk and control performance management. Using sector examples, the participants will work through the process to quantify and monitor a material risk and associated critical controls. Participants will be provided with an opportunity to engage with their peers, examine cross-sector practices, and learn from others’ experiences in building capability to maintain secure and sustainable mining operations.
Instructors' Bios: Michael Hartley is the Founder and CEO of Minetell – a risk and performance data company that has developed an enterprise SaaS solution to measure risk exposure and control effectiveness in real-time - based in Toronto, Canada. Michael's 15 years of global experience in risk, operations and human factors with Shell and Barrick Gold has led him to build a digital risk management solution that can be applied across multiple industries.
Dana McNaughton is Minetell’s Strategic Advisor and is an independent corporate and executive advisor in risk and performance management. He is a former mining executive with international experience and practice in operational risk, assurance and sustainability management including health, safety and social responsibility. More than 35 years of work experience in the Americas, Asia Pacific, Australia and Europe. A former Senior Partner, Global Mining with ERM and executive with Xstrata plc at the Group, Commodity Business Unit and Division levels, with experience in Copper and Sustainability with experience on Board-level HSEC Committee.
Register now to attend any of the workshops, the conference and evening receptions. You do not have to attend the conference to register to attend workshops or receptions.
Photo is of CTMF 2017 workshop by Simon Moores, CEO, Benchmark Minerals re Battery Metals Supply Chains
We hope to see you at
SME's 8th annual Current Trends in Mining Finance Conference
Managing Risk and Identifying Opportunities in a Disruptive World
Connecting Mining, Finance and Engineering Executives TM
Sunday May 10 - Wednesday May 13, 2020
All attendees must register in advance. Visit these tabs for more about receptions, suggestions for hotels and updates about the agenda and schedule changes. We hope to see you there!