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Ecomic skill is an essential partner to technical skill in every step of the mining process. An ecomic mindset begins before the first drill hole. This new book will help you effectively direct mining operations through the use of invative ecomic strategies. The text covers what is meant by a cost-effective mining scheme, the ecomics of information, and the procedures for rational evaluation of uncertain projects. It defines ore from an ecomic perspective and covers the influence of scheduling on ore reserves. Discounted cash flow techniques, the most widely used evaluation technique for investment decision making, is covered in detail. The assumption of the use of spreadsheets is unique to this book. The application of DCF techniques in an operating mine environment is given expanded coverage and examples are drawn from real-life studies. The differences between ecomic decision-making-a forward-looking task-and the reporting of results via accounting methods-a backward-looking activity-are reviewed. Capital and decision-making procedures associated with capital investments in a risk environment are given extensive coverage. Case studies for capital investment in an operating mine are included. Comprehensive examples investigate value from a risk-reduction perspective and from an expected return on investment perspective. This book offers solutions to the problem that many mining projects fail to achieve expectations because of their inability to adapt to change. A new technique is explained that allows calculation of capital that is at risk from capital that is t at risk. This promises significant advances in the way that investments are made and capital is valued in the industry.