For most businesses, the past couple of years has been challenging. Even the mining industry faced its share of difficulties—from outbreaks and government-mandated shutdowns to global supply chain problems and suspension of air, land, and sea transportation.
Mining remains an essential industry, providing tons of jobs to locals. Because of this, companies must apply strategic mining planning to maximize the sustainability and profitability of the industry.
Learn more about strategic planning and how it influences the future of mining when you continue reading.
What Is Strategic Mine Planning?
Strategic mine planning is a process that involves making strategic decisions and plans to maximize the profitability and sustainability of a mineral resource.
It consists of the following steps:
- Business planning
- Feasibility planning
- Project allocation and evaluation
- Mining operations planning
- Mining operations
Strategic mine planning has been significantly enhanced by using computer models, extensive research, and other technical solutions. It’s a significant tool for exploration companies, large and small miners, and even the government to make better long-term decisions regarding the socioeconomic importance of mineral resources to the country and the environment.
What Are the Benefits of Strategic Mine Planning?
Here are the top five benefits of strategic mine planning:
1. Improve Sustainability
Strategic mine planning gives miners the ability to make better decisions about their operations. For example, 3D computer-aided design (CAD) programs have helped companies improve their sustainability. CAD programs help determine the best route for the mine, design the infrastructure, and decide the best locations for the mines.
Also, optimization technologies allow companies to achieve a strategic mine plan that’s 80% to 85% efficient. This is possible by reducing equipment and personnel costs.
2. Incorporate Safety
Companies that don’t have a strategic mine plan run the risk of not fulfilling the safety standards set by the government. With strategic mine planning in place, companies make the proper budget adjustments and set up effective safety management systems. By improving safety, companies can achieve better long-term results and enhance the industry’s reputation.
3. Boost Shareholder Confidence
Strategic mine planning also helps improve shareholder confidence. Companies can achieve better long-term results by making better decisions about the maintenance and management of their resources. These results may include better efficiency, better safety and compliance, and the ability to decrease the chances of accidents and disruptions.
4. Increase Profitability
Another benefit of strategic mine planning is that it helps increase profitability. By strategically planning, companies can improve the efficiency of their operations, setting a sound foundation for long-term profitability. This is possible because they have access to resources and technology that are affordable.
5. Advance the Recovery of Geological Assets
Strategic mine planning helps companies recover and sustain geological assets. It helps identify and define the optimal utilization of the minerals in the best way possible.
6. Improve Compliance
Another benefit of strategic mine planning is better compliance with government regulations. How does this affect compliance? Companies with an effective strategic mine plan enable better maintenance of equipment and develop better systems and procedures, all of which revolve around regulations set by the government.
Strategic mine planning is vital to the success of the mining industry. Through strategic mine planning, companies can make better decisions, set up effective safety management systems, and develop ways to improve the efficiency of operations.
As you create your strategies, consider the socially responsible mineral extraction solutions created by Group 11 Technologies. Learn more about this environmentally friendly technology today!