Noranda's exploration strategy

Stevens, D. L.
Organization: Society for Mining, Metallurgy & Exploration
Pages: 5
Publication Date: Jan 1, 2000
Following an in-depth scenario and strategic-planning exercise in 1997, Noranda's mine production goal was set at 500 kt/a (550,000 stpy) of both copper and zinc metal in five years. There had been no recent discoveries, reserves were shrinking and things had to be done differently and quickly. Change is now continual in Noranda's program. The following steps were taken: the exploration and business development groups were combined, teams were formed to search for and respond to opportunity; geologists were coached to become more business minded and engineers were coached to become more optimistic; the company went global; clear thresholds were set, marginal properties were farmed out and other properties were fast tracked; reconnaissance exploration was focussed where there was a clear competitive advantage; and Noranda became a "flexible" partner to juniors and seniors. Is it working? A number of successes, near successes and outright failures are discussed. The main result is a much higher rate of opportunity flux, which is essential for success in the mining industry.
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