Costing Techniques in the Mining Industry

Organization: The Australasian Institute of Mining and Metallurgy
Pages: 4
Publication Date: Jan 1, 1990
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Many mining operations are uncertain of what costs they should be achieving. The majority of cost estimates are based on historical costs that have added contingency factors. Historical costs are a valuable source of information but a more precise costing method is necessary. There are several alternative methods for predicting costs. A methodology which provides the best indication of the achievable costs is one using a standard inventory list and a bill of quantities. The model is termed a Basic Principles model and addresses basic design principles and engineering constraints.
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