Noranda's Exploration Strategy (f4182cc3-beca-4d56-8bde-6070cd1c6670)

Following an in-depth scenario and strategic planning exercise in 1997, Noranda's mine production goal was set at 500,000 tonnes per year of both copper and zinc metal within 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 our program but here is what we did first: Combined the exploration and business development groups Formed teams to search for and respond to opportunity Made our geologists more business minded and our engineers more optimistic Went global Set clear thresholds, farmed out the marginal properties, fast tracked the others Focused reconnaissance exploration where we had a clear competitive advantage Became a "flexible" partner to both 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.