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Course Aim and Structure As a direct result of the impact of COVID-19, Edumine, along with The Imperial College Centre for Continuing Professional Development is launching its well established “Valuation of Mineral Projects Based on Technical and Financial Modelling” as a distance learning initiative covering both technical appraisal and financial evaluation of mineral projects. Market turbulence significantly affects the mining industry. While the intrinsic value of a mineral project is still a key consideration, understanding the interrelationship between technical and financial risk to truly understand the long term value of an asset, helps companies make better investment (or divestment) decisions. Companies that are able to secure debt finance for both development and acquisition of advanced projects have greater strategic flexibility. Understanding how debt impacts the valuation of projects allows for an objective approach to determining levels of gearing; this is relevant to both the investment banking and mining communities. The Valuation of Mineral Projects course is designed to address these issues. This course is for professionals with a basic to intermediate understanding of the principles of the accounting cash flow model that wish to gain expertise in quantitative finance in the context of mining. Actual operating mine valuations are a central focus of the course. To gain the most out of the course, attendees should have had some exposure to the technical aspects of minerals and mining. Attendees are expected to have laptop computers for this course. Workshop sessions are an integral part of the course delivery. Use will be made of the IC-MinEval software, which automates the generation of Excel™-based spreadsheets to produce models for a wide range of mineral projects. These models can be used independently of the software once the course is completed. Dates:          14 - 18 November 2022 Duration:     5 half days Time:           13:00 - 17:00 GMT+1. Check the exact time and date in your city here. Price:           $1999 USD See below for course policy Presenter  Professor Dennis Buchanan Professor Buchanan works jointly between the Department of Earth Science and Engineering and the Business School at Imperial College London. His current research interest lies in addressing the underlying technical principles applying to mineral projects and demonstrating how these influence financial modelling. He has almost 40 years’ experience teaching mining geology, mineral exploration and mineral project appraisal and is responsible for the MSc in Metals and Energy Finance. This is a joint degree between the Department of Earth Science and Engineering and the Business School at Imperial College. Professor Buchanan has worked as a Mining Geologist in both gold and platinum mines in South Africa and had wide experience as a consultant to the industry, as an expert witness and in designing and delivering short courses for the industry. Course Support: James Buchanan James has an MEng in Chemical Engineering with eight years of professional experience  in the minerals industry and he, with close colleagues, have recently started their own company, Zenito.  Course Structure and Delivery Delegates will be enrolled as a dedicated Team on the Microsoft Teams application where all interactions and course materials will be uploaded. The course will consist of pre-recorded presentations which will be sent to delegates 1 week before the start and during the live sessions recordings will be discussed with tutorials.  Delegates will be provided with the suite of PowerPoint slides used and a digital copy of the book 'Metals and Energy Finance' will be provided - Please click here to view the book. Teaching will be delivered over 5 days with each live session starting 13:00 UK time and lasting four hours (20 contact hours in total). The PowerPoint presentations used in the pre-recording video will be loaded onto the “Files” folder on the relevant Team Channel. Who Should Attend The course will be of particular interest to mining analysts, fund and asset managers, bankers, engineers responsible for development planning, exploration managers and other specialists in the valuation of mineral projects. It will also be of interest to government officials. The course will be relevant to entrepreneurs needing to understand the qualifying framework that private equity funds use to evaluate projects. Pre-Course e-Learning Prior to the course, registered delegates have access to the online e-learning material consisting of an introductory course titled An Introduction to Modelling Metal Project Finance. Continuing Professional Development (CPD) Registered participants who attend the entire short course and complete an evaluation at the end of the course will receive a Certificate of Attendance, confirming the Professional Development Hours (PDH)/Continuing Education Units (CEU) earned. Please confirm with your employer and/or professional association that this course qualifies for CPD. Cancellations Notice of cancellation must be given in writing by letter, fax or email and action will be taken to recover, from the delegates or their employers, that portion of the fee owing at the time of cancellation. A 10% administration fee will be levied for cancellations made 4 or more weeks prior to the first day of the course. Thereafter, the following cancellation refund schedule will apply. Cancellation made more than 3 weeks prior to the first day of the short course: 70% of the registration fee is reimbursed. Cancellation made more than 2 weeks prior to the first day of the short course: 50% of the registration fee is reimbursed. Cancellation made less than 2 weeks prior to the first day of the short course: no reimbursement of registration fees. Edumine reserves the right to cancel an advertised course on short notice. It will endeavour to provide participants with as much notice as possible, but will not accept liability for costs incurred by participants or their organisations as a result of the course being cancelled or postponed. If a course is cancelled, fees will be refunded in full. Edumine also reserves the right to postpone or make such alterations to the content of a course as may be necessary. Read More

An Introduction to Modelling Metal Project Finance serves as an introduction to the critical issues associated with the debt financing of mining projects. The aims and objectives of project financing are discussed with an overview of the steps leading up to application. The course is aimed at professionals throughout the mining industry and assumes a basic appreciation of the main financial parameters. Logical guidelines on how to construct a preliminary level cash flow model of project finance are provided, with descriptions of the major input variables. Nickel and platinum are used as example commodities with which to demonstrate the principles of modelling project finance. A background discussion on the technical aspects and major costs involved in developing a large-scale open pit nickel mining project is followed by a step by step guide to the development of a financial model of the project using the financial modelling software tool IC-MinEval. Similarly, background discussion on platinum mining is followed by a step by step guide to developing a financial model of an underground platinum mining project using IC-MinEval. The workbooks generated by IC-MinEval are also included as downloadable spreadsheets for each worked example. The fully linked Excel workbooks have been saved such that by changing the variables in the input sheet revised performance indicators are generated. This does not require the user to have access to IC-MinEval.  A case example is included from Prof. Buchanan's book, Metals and Energy Finance (2018). Authors Prof. Dennis Buchanan Dr. Mark Heyhoe Prof. Tim Shaw   Duration: 10 Hours Access: 90 Days Category: Financial Level: Cross train Version Date: January 10, 2019   Need to train a team? Whether you're looking for a customized training program or developing a team, we have enterprise solutions to fit your needs. Learn More Read More

This course is aimed at helping those who wish to read and interpret the financial statements of mining companies. It assumes the reader has no formal training or background in accounting but does have a general interest in business with a leaning towards mining. Furthermore, this course assumes a managerial or investor approach rather than that of accountant or bookkeeper. We look at financial statements for their organization, information content and limitations. In short, you will not learn any bookkeeping or debits and credits but rather you will see numerical data and narrative-based descriptions prepared by mining companies. You will learn to use various analytical tools. Simplified fictional examples and actual published reports are used to illustrate various concepts. A brief glossary and a source of further information appear in an Appendix. The course has six primary topics as follows, separated into three parts. This course was formerly entitled Understanding Financial Statements of Mining Companies Under IASB and FASB Regulations. Part 1 Introduction to Accounting and Financial Reports The Statement of Financial Position Part 2 The Statement of Income Part 3 The Cash Flow Statement The Statement of Changes in Equity Notes and Analytical Tools Accounting Standards Financial reporting today is governed by essentially two sets of accounting regulations—those of the United States, through its Financial Accounting Standards Board (FASB), and those of the International Accounting Standards Board (IASB). In this course, both sets of regulations are treated as one agreed-upon set of concepts, principles and guidelines where appropriate. Differences are highlighted wherever they occur. Where there is agreement or the differences are minimal, the common term GAAP is used, which stands for Generally Accepted Accounting Principles. Authors Alain Duncan   Duration 7 Hours Access 90 Days Category Financial Level Cross Train Version Date December 4, 2013 ​Need to train a team? Whether you're looking for a customized training program or developing a team, we have enterprise solutions to fit your needs. Learn More Read More

Traditional mining project appraisal—discounted cash flow (DCF)—typically involves the use of static variables that remain unchanged across project life and the use of a constant discount rate to account for risk, which ultimately provides a singular view of project value across time. Such a passive management approach is fast becoming outdated. Modern project appraisal should be dynamic and flexible to accommodate changing market conditions by constantly evaluating options to abandon, defer, open or expand a project while managing risk. This course introduces and explores modern project appraisal techniques with a view to increasing expected value. Scope This course focuses on the use of modern project appraisal techniques culminating in the introduction of real option valuation (ROV) applied to mining projects. While traditional project appraisal concepts form the basis for the modern approach discussed, the in-depth use of these remain beyond the scope of this course. It is recommended that participants complete the Introductory Mining Project Evaluationcourse (see Related Courses tab) for a full account and discussion of traditional project appraisal concepts. Authors Dr. Micah Nehring Ph.D. Dr. Sean Shafiee Ph.D.   Duration 17 Hours Access 90 Days Category Financial Level Specialize Version Date June 29, 2016 ​Need to train a team? Whether you're looking for a customized training program or developing a team, we have enterprise solutions to fit your needs. Learn More Read More

The overall discipline of accounting is generally divided into two distinct sub-disciplines: financial accounting and managerial accounting. While the two are similar in that they both generate and use financial information, they do so in different ways and for different purposes. A major difference between financial accounting and managerial accounting relates to the flexibility with which the financial information is generated and presented. Financial accounting must follow accepted accounting standards. The information is then available to individuals outside the organization and can be audited. Managerial accounting uses a decision-usefulness criterion and is oriented to the future. The information is prepared for, and used by, internal management. In fact, many companies would consider much of the information generated by the managerial accounting system to be proprietary and would definitely not wish it to be available to individuals outside the organization. It often relates to existing or attainable competitive advantages and is highly confidential. This course covers how managerial accounting can be used to help managers make decisions in the planning phase of the business cycle, within a mining context, and addresses the following topics. step-by-step examples of how to create a master budget, pro forma balance sheet, and pro forma income statement examples of relevant costing analyses to support decision-making in specific situations capital budgeting analyses of cash inflows and outflows discounted cash flow methods: net present value, internal rate of return accounting-based methods: payback, accounting rate of return Authors Craig Emby   Duration 7 Hours Access 90 Days Category Financial Level Specialize Version Date December 21, 2018   ​Need to train a team? Whether you're looking for a customized training program or developing a team, we have enterprise solutions to fit your needs. Learn More Read More

Most mining project investments are comprised of three factors: the investment is partially or completely irreversible with significant exit costs; there is uncertainty over the future returns from the investment; the investor has some latitude relating to the timing of the investment. These three factors interact to determine the optimal decisions in mining project investments. There are of a lot of unknown variables at the outset of a mining project. When the mining project is in operation, there is no crystal ball to tell exactly when the mining project will reach its maximum value. Consequently, in any mining project evaluation, there are no clear answers for the questions below. How much will the minimum initial capital cost be? How much will the maximum mine value be? How long will the optimum mine life be? This course shows you how to arrive at these essential decisions, by addressing the unknown variables with the best assumptions that can be made based on the information that is available. Authors Micah Nehring Shahriar Shafiee   Duration: 15 Hours Access: 90 Days Category: Financial Level: Specialize Version Date: March 17, 2014   ​Need to train a team? Whether you're looking for a customized training program or developing a team, we have enterprise solutions to fit your needs. Learn More Read More

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