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By J Say, M Hawtin, L Carlon, P Cann

Historically, production from sublevels of the Ernest Henry Mine (EHM) started from blind uphole rises at the end of slot drives. Where previous investigations considered removing these slot drives and starting production with independent ore drives, any development savings were consumed when drives were extended to minimise ore loss. Since 2017, EHM and Orica have been investigating opportunities to optimise drill and blast practices by implementing Orica’s Wireless Electronic Blasting System (WEBS). To reduce ore drive development metres, a novel design was proposed utilising the WebGen™ 100 system to combine a rise with pre-charged widening firings. Initially these new rise and widening firings achieved results similar to previous EHM designs, achieving on average 81 per cent of design height and width. Due to poor performance of the fourth trial a significant re-design was required. Modifications included drill hole re-positioning, in-hole primer relocation and initiation delay adjustments. Since the re-design a step change in rise performance has been observed with rise and pre-charged widening shots averaging 95 per cent of design height and width. With rise and widening performance exceeding expectations, the removal of slot drives has allowed a substantial reduction in lateral development. Development savings of 165 m and 169 m from the RL1325 and RL1300 levels have been achieved. Primary draw and ore recovery has also increased due to the later addition of pre charged forward stripping rings. Level design changes have also significantly improved the mining cycle by allowing for a reduction in required ground support, improved secondary ventilation, a reduction of critical path development, simpler production scheduling and less wear and tear on machinery. Future mine level designs now incorporate key learnings and are proving beneficial to a variety of scenarios including changing orebody boundaries at depth.

Mar 15, 2021

By C Harrison, A Bowskill

The Ambuklao hydroelectric dam was originally constructed in the 1950s in the remote and mountainous region of the northern Philippines. Following its construction the dam has suffered heavily due to siltation and a partial collapse of the intake structure due to a 7.8 magnitude earthquake that struck the region in 1990. Between the years 1990 and 1999 the power station progressively lost its capacity to generate power. In 1999 the owner took the power station out of commission. The power station remained idle over the next 12 years. In 2008 the power station was sold to a new owner who commissioned the rehabilitation works.The rehabilitation project restored the operating status of the power station in June 2011 and increased its capacity from 75 MW to 105 MW. The civil contract of the rehabilitation project required the construction of a new intake structure behind an in situ rock coffer dam on the edge of the existing reservoir, new 6.2?m diameter × 124?m deep blind sunk shaft behind the intake structure, which connects to a new 6.8?m horseshoe profile headrace tunnel that ultimately connected onto the existing vertical penstocks which feed three No 35 MW Horizontal Turbines rated at 155?m head.The unique challenge in rehabilitating this existing hydropower station involved finding solutions that would conclusively deal with the challenging geological and hydrogeological conditions associated with excavating new tunnels and a drop shaft beneath a live dam.McConnell Dowell was awarded the civil works package for the rehabilitation works in August 2008. The Ambuklao rehabilitation program took 33 months to complete.Over 600?m of tunnels were excavated in highly weathered and often challenging geotechnical conditions via drill and blast with the extensive use of high-pressure fissure grouting to control groundwater ingress that was surcharged by the dam.This paper focuses on the use of high-pressure fissure grouting that took place to enable the excavation of the new waterway system and intake structure.CITATION:Bowskill, A and Harrison, C, 2014. High-pressure fissure grouting for drill and blast tunnelling, Ambuklao, Philippines, in Proceedings 15th Australasian Tunnelling Conference 2014 , pp 141–152 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 17, 2014

By H Jones

Closure cost estimates may be generated at any stage of a mining operationÆs life; commencing with the initial prefeasibility studies and continuing through to the final decommissioning cost estimates. However, not all mine closure cost estimates are necessarily the same. Cost estimates will vary depending on the purpose for which they are prepared, the organisations requiring or undertaking the estimate and the stage of the mining operation. Different organisations can legitimately arrive at disparate cost estimates for closing the same mine because the organisations have different reasons for requiring the estimates. Another, equally valid, reason for potentially wide variations in cost estimates by different organisations on the same mine site is the different definitions of æclosure costsÆ used by different estimators. This paper considers the different approaches by different organisations including operating companies, government authorities and financial organisations and uses a hypothetical example based on practical experience to illustrate some of these differences in estimation methods.The paper suggest that a more consistent approach to closure cost estimating in the Australian mining industry would assist mining companies, governments, the accounting industry and the broader community to better understand this complex component of mine planning. One possible approach to closure cost estimating is briefly outlined.CITATION:Jones, H, 2012. Closure cost estimation - All things to all men?, in Proceedings International Mine Management 2012, pp 115-124 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 20, 2012

By W L. Daniels, C Stilson, C Zimmerman

Mineral sands mining for ilmenite, rutile and zircon has disturbed over 1000 ha of prime farmland in Virginia (USA) since 1997 and additional areas are likely to be disturbed in Virginia and North Carolina (USA) over the next 15 years. Full-scale mining operations at the Old Hickory Project in Virginia were initiated in 1997 by Iluka Resources Inc. and restoration protocols have continued to evolve in response to a variety of economic, technical and social issues. Early on, the return of these lands to agricultural row-crop production was complicated by vertical stratification of tails + slimes and lateral variability in soil physical conditions in the reclaimed pits and by limited topsoil return. Virginia Tech and Iluka have worked cooperatively with all stakeholders for over 20 years to review the pre-existing research base, conduct new and innovative site-specific research and thereby provide reasonable expectations of post-mining soil productivity levels. In 2004, Virginia Tech, Iluka Resources and a local leaseholder (Carraway-Winn family) agreed to jointly manage a 45 ha research demonstration farm where the long-term effects of alternative soil reconstruction practices are being rigorously monitored for both row crops (corn and wheat) and forage production. All mined land crop yields are also compared to an adjacent undisturbed exceptional quality prime farmland soil. Row crop yields between 2005 and 2010 were significantly above county average yields (regulatory target level) and approximately 75 - 80 per cent of undisturbed adjacent prime farmlands. The state regulatory authority has recently relaxed its position on the necessity of topsoil return versus use of topsoil substitutes based on appropriate on-site research results and the ability of the reclaimed soils to meet comparative local county crop yield targets. This cooperative effort allows all clientele groups to objectively assess the post-mining productivity of these mined lands while providing an invaluable educational opportunity for the mining industry. CITATION:Daniels, W L, Stilson, C and Zimmerman, C, 2012. Development of effective rehabilitation protocols for mineral sands mining in Virginia, USA, in Proceedings Life-of-Mine 2012 , pp 97-104 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 10, 2012

By M Allen

By its nature, the mining industry is energy and emissions intensive. In the future, the world will still require the outputs of mining but the industry will need to adapt to the low emissions economy. Understanding the risks of climate change to a particular site or at a company level is key to managing this transition.CITATION:Allen, M, 2018. Assessment of climate risk in the Australian mining industry, in Proceedings Life-of-Mine 2018, pp 13–16 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 25, 2018

Resue or split face firing has the potential to separate ore and waste rock into separate muck piles within a stope. Thus split face firing has the potential to reduce dilution of the ore stream to be transported to the surface for subsequent processing. It also potentially reduces the total amount of broken rock needing to be transported out of the mine as the waste material is physically separated from the ore as part of the blasting process. Waste can therefore be used directly from the stope to backfi ll other mining areas. This paper reports on the results of split face firing trials at the Hillgrove mine in NSW and analyses the results of these blasts.

Aug 1, 2010

By J Penman, N Turner, H Liu

This paper aims to present a snapshot of the risk profile for tailings storage facilities within Western Australia by comparing the spatial distribution of known facilities against common geohazards such as cyclonic activity, climate, and peak ground accelerations from earthquakes. The analysis also includes an assessment of proximity to populations at risk including towns and sensitive receptors including significant river systems and wetlands.

Jul 1, 2021

By Cox SJD, Kramadibrata S

One of the major causes of accidents and loss of production in underground mines is falls of ground.As mines go deeper, higher stresses are encountered and strain energy stored in the rocks is more likely to be released dynamically. This results in bumping in the rock mass around a stope or development face. Such noises and increasingly difficult ground conditions are obviously a warning of more serious problems ahead. The activity is collectively referred to as rock bursting.In Australia the mining of metalliferous deposits is taking place at increasing depths at Mt Isa, Broken Hill and the Eastern Goldfields and ground control problems with rock bursts has already been experienced at all three sites.

Jan 1, 1990

By Short KC

The Hunter Region, with a major part of the coal resources of New South Wales and a long history of coal mining, has experienced a rapid expansion of coal resource development in recent years. While there are inevitable conflicts between mining, urban development and related infrastructure, and between mining and other resources, the application of sound planning practices, and improved co-operation and co-ordination among the various parties, helps to reduce such conflicts. The planning process involves consideration of factors such as transport- ation (including port facilities), mine subsidence, provision for surface facilities, a,iC the need for buffer 'ones. In addition, provision must be made for urban expansion, often co-existing or in close proximity to present or future coal mining development. Approval of coal mining developments takes place within the legislative framework of the Environmental Planning and Assessment Act, 1979 (EPA Act), the Coal Mining Act, 1973 (CM Act) and the Mining Act, 1973. Considerable effort has gone into stream- lining and co-ordinating the procedures under these Acts. The EPA Act provides for regional and local environmental plans, as well as a linked process of development control and environmental impact assessment. The CM Act provides for the grant of exploration and coal mining titles and mechanisms for the responsible management of Mining.

Jan 1, 1987

By A J. Moore

Blasting operations in open cut mines results in airblast, ground vibration and rock movement with the potential for wild flyrock. In some mines there is a trend towards blasting closer to established infrastructure as extraction boundaries alter with increased resource prices and changed economic circumstances. Mine infrastructure in close proximity to blasting has the potential to be damaged by ground vibration and wild flyrock especially. To provide guidance for the determination of appropriate buffer distances and blast specifications, this paper describes methodologies that may be used to determine the potential for damage to infrastructure by predicting:dynamic blast;near field ground vibration levels;dynamic blast strains induced in infrastructure by consideration of ground vibration,ground strain and response amplification;potential for damage by comparing induced strains with allowable working strainsfrom structure design codes and serviceability requirements; andflyrock throw distances based on models developed from flyrock investigations.This report demonstrates the use of strain prediction methodologies developed during Australian Coal Association Research Programme (ACARP) Project C14057 for infrastructure such as conveyor belts, transmission poles and towers, buildings and bridges.

Nov 8, 2011

By P Hawke, J Hurst, B KrapeP

Hancock Prospecting Pty Ltd (HPPL) drilled two deep diamond stratigraphic holes (ECD0001 and RHD0296) within the eastern Fortescue Valley in the Pilbara of Western Australia. Located south of the Roy Hill Iron Ore project, the holes aimed to define the stratigraphy of the Marra Mamba Iron Formation (MMIF) of the Chichester Range and its south-dipping extensions below recent cover. Previous attempts to define the MMIF of the Chichester Range have resulted in differing interpretations due to the data available at the time.The unweathered MMIF beneath the Fortescue Valley in the HPPL drill holes is characterised by dolomitic carbonate interbedded with stilpnomelane-rich shales, chert and banded iron formation (BIF) with hematite staining. This intersection equates to ~75 m of carbonate-facies iron formation, as opposed to the ~230 m thick oxide-facies BIF and shale sequence encountered south of the Fortescue Valley.Various detailed geological core analyses and interpretations from ECD0001 and RHD0296 were integrated with regional diamond and reverse circulation (RC) holes from across the Fortescue Valley. Interpretation of the data indicates that the eastern Fortescue Valley MMIF represents a thinned thickness sequence of the whole formation. The MMIF of the Chichester Range and Fortescue Valley has gamma logs that correlate strongly in parts to the type section used for MMIF south of the Fortescue Valley. Therefore, the outcropping MMIF in the Chichester Range represents an eroded equivalent of the æreducedÆ thickness MMIF observed in ECD0001 and RHD0296.Data from deep diamond drill holes across the valley, from the Hamersley Basin to the Carawine Basin, were correlated. The correlation shows that the depositional site of the MMIF in the HPPL diamond drill holes is consistent with a proximal ramp setting, in which iron-rich shales wedge up-palaeoslope and shelf-derived carbonate turbidites wedge down-palaeoslope. Not only is it the occurrence of these shales that define the MMIF, but they also determine the northward potential to develop orebodies, as they are the source of iron from which iron-rich oxides and carbonates of metamorphic or diagenetic origin form.CITATION:Hurst, J, KrapeP, B and Hawke, P, 2013. Stratigraphy of the Marra Mamba iron formation within the Chichester Range and its implications for iron ore genesis at Roy Hill - evidence from deep diamond drill holes within the East Fortescue Valley, in Proceedings Iron Ore 2013 , pp 91-106 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 12, 2013

Mine pit slopes in the Pacific Rim are a geotechnical challenge because of the complex geology in which they are developed. Mines are currently being fast-tracked to meet the increase in commodity prices, often resulting in some reduction in ground studies and short-cutting of design procedures. In addition, the resources boom means that skilled personnel are in relatively short supply. At a time when mine pits are getting bigger and deeper, and the engineering is getting more demanding, there is an increased demand on managers to effectively implement the work.   Experience both in New Zealand and the Philippines, display the complex range of geological environments in which pits are being excavated. Working in these conditions has shown that successful geotechnical design requires a strong geotechnical model based on sound geology. An appropriate level of investigation and analyses results in a certain level of understanding for the mine design. There is a point where additional expenditure (on investigation and analyses) is not warranted based on the expected minimal impact on decreasing the level of perceived risk on the project. For most projects in our experience the analytical methods and complexity of geotechnical assessment changes increases as the level of knowledge grows.

Jan 1, 2006

By D Clarke, I Minniakhmetov

The Olympic Dam deposit is truly a world-class IOCG-Ag deposit, the world’s fourth largest deposit of copper and the world’s largest known single uranium deposit. Traditional and non-traditional methods have been used to accurately model the geology and mineralisation of the Olympic Dam deposit. Conditional simulation models have long been used as the most robust method for estimating risk and uncertainty in mine planning decisions at other mines around Australia and the world. There are many challenges associated with simulating the Olympic Dam deposit at a selective mining unit size sufficient for underground mine planning purposes. These include the size of the deposit, resulting in hundreds of millions of grid blocks; the disseminated nature of the zoned sulfide mineralisation. And lastly the direct relationship of the relative abundances of the sulfide mineral species that are crucial to the Olympic Dam smelter performance. Several geostatistical techniques have been utilised in the workflow for the Olympic Dam Conditional Simulation model to address these challenges. The key techniques are: • Projection Pursuit Multivariate Transform to de-correlate the main elements before simulation. • Pluri-Gaussian implicit boundary simulation method to simulate the mineralisation domains. • Spectral simulation method of de-trended and de-correlated attributes with account of local varying variance. The resulting conditional simulation models have been validated against histograms, grade-tonnage curves, cross-plots and assessed for variogram reproduction. This paper presents how the final conditional simulation models compare to benchmarking models created using alternate estimation techniques of ordinary kriging and local uniform conditioning. It also presents a validation process using historical samples to test final estimate accuracy of the simulation models.

May 24, 2023

By G Bubner, C Gaughan

Magnetite mineralisation within the South Middleback Range has been known since the early 1930s; however, it was not until 1989 that BHP (then owners of the Middleback Ranges mining leases) drilled 10 700 m of diamond core into what was then known as the Iron Duchess low-grade deposit. In 2002 a review of Iron Resources left in the Middleback Ranges and the identification of downstream processing benefits using magnetite as a primary feed source led to the commencement of an 18 000 m resource drilling program of the high-grade core of the Iron Duchess low-grade orebody (renamed the Iron Magnet deposit). This paper describes the geology, processes and procedures used since drilling recommenced in early 2003. The Iron Magnet deposit is located 53 km southwest of Whyalla in the South Middleback Range, South Australia. It is a Paleoproterozoic stratabound magnetite deposit that lies down-dip and lateral to the Iron Duke hematite deposit, hosted within the Lower Middleback Iron Formation of the Hutchison Group meta-sediments within the Cleve subdomain of the Gawler Craton. Magnetite bearing host units within the Lower Middleback Iron Formation can be divided into a æmixedÆ basal sequence, a lower iron carbonate unit, a middle iron talc unit and an upper iron silica unit, all units grading up sequence and laterally into one another. The magnetite mineralisation is hydrothermal in origin. The strongest consistent mineralisation coincides with the iron carbonate unit, and the hematite orebodies of the Iron Duke are interpreted to represent up-dip supergene enrichment of the same unit. The Iron Magnet occurs within a large-scale parasitic syncline-anticline pair on the west limb of a larger syncline. Major bounding north-south shear zones occur on the east and west sides of the deposit. Cross-cutting west-northwest, northwest, northeast and east-northeast trending faults displace mineralisation. The commencement of drilling in 2003 lead to the migration of geological and geochemical databases, re-logging and re-assaying of all old cores that intersected the deposit, updating of logging codes and procedures, and strict Qa/Qc procedures to ensure the study satisfied JORC standards. External consultants were used for auditing and bench marking. The strong geophysical responses of magnetite and the wealth of close spaced ground magnetic and gravity data already completed over the Middleback Ranges allowed for refining of drill hole targets for the drilling program. It also provided an indirect method for ascertaining magnetite grade and tonnage volumes.

Jan 1, 2005

By G Malherbe, J Gonzalez, D C. Franklin, J Bassan, C T. Farrelly

To respond to ever-increasing challenges, mining companies have been experimenting with new business models and technologies in order to speed mine development, production, processing and transport. The various experiments involve mobile access to data, intelligent sensors, advanced analytics, virtual collaboration, virtual reality, automated equipment, remote operations centres and strategic partnerships. A synthesis of all these components creates a ænetwork effectÆ that can dramatically improve the overall effectiveness the entire operation. The concept of the Network Centric Mine borrows from a variety of industries, including defence, aerospace, aviation, petroleum, utilities and manufacturing. Central to the concept are improvements to the way we connect people, process, information and technology, resulting in a more highly collaborative business model, with roles and processes designed to take advantage of new technology. The components of the mining operation act as a connected network aimed at a common goal, regardless of the boundaries of organisation and location.The design of this new organisational ecosystem needs to take into account the recent advances that enable the æplug and playÆ integrated collaborative environment, including cloud computing, mobile devices and social networking, as well as advances in augmented reality, robotics, geo-location, digital labelling, simulation and analytics. However, the most consistent lesson from other industries is the need to properly enable the behaviour and process changes necessary for success.Benefits from adopting a network centric approach include the more effective use of scarce expertise, improved data and information analysis, reduced process variance, and more informed and faster decision-making. The future of mining will see more technology savvy workers who will drive the adoption of new processes. The operations will shift from a relatively static and disparate set of functions, to a digitally aware, dynamic, automated, integrated and interactive environment, with increased agility, lower operating costs, higher productivity and improved safety.CITATION:Farrelly, C T, Malherbe, G, Gonzalez, J, Bassan, J and Franklin, D C, 2012. The network centric mine, in Proceedings International Mine Management 2012, pp 143-160 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 20, 2012

By Mallett CW, Hammond RL

Geological maps of the Pacific Rim recently published by the Circum-Pacific Council for Energy and Mineral Resources have provided a useful perspective from which to view modern plate interaction and the evolution of modern fold belts. An important lesson from any study of modern plate interaction is that of the normality of change. The chaotic is more usual than the simple. Present day convergent margins with mixed characteristics are measures of this chaos. Indeed, the character of less than one third of the present length of the Pacific Rim can be ascribed to conventional models of plate interaction. Another lesson is that of the great mobility of oceanic crust. Enormous areas of the Pacific may not be represented in future fold belts developed at convergent boundaries unless normal consumption processes are disrupted, and even then only by linear zones a few kilometres wide. The axes of divergent boundaries creating Pacific Ocean crust have been equally mobile, with new spreading sites taking over from older sites through time. Divergent boundaries, whether active or inactive, consist of oceanic crust, and may be wholly consumed at collision sites with convergent boundaries. Their only potential contributions to fold belt evolution are transforms and magmatic activity. It is this transform component that can provide us with a mechanism to explain the apparent contradiction of both compressional and extensional features occurring together in a developing fold belt. Reconstructions for the SW Pacific are used to demonstrate that the fold belts under construction during the last 4% (Jurassic- Recent) of geologic time have involved interaction between convergent, divergent, and transform boundaries. In the last 15% of earth history (Late Proterozoic-Recent), many enigmatic features of the geologic landscape in Eastern

Jan 1, 1987

By R Cunningham, P Duniam

Late in 2005 it became apparent that cave propagation at the Northparkes Mine was not progressing as planned. By mid-2006 sufficient Reserves were identified to warrant an extensive drill and blast program to assist in cave propagation. This program began late in 2006 and concluded early 2007. A significant challenge faced was the drilling and blasting of holes between 75 - 240 m in length in the South Wedge in Lift 2 at Northparkes Mines E26 orebody. The project set new benchmarks in production drilling and charging in underground metalliferous mining. This paper discusses the drill and blast designs, the challenges and the operational issues encountered with this project. Also highlighted are ways in which these were overcome.

Jan 1, 2007

By D I. Cliff

The loss of 11 miners in the 7 August 1994 Moura No.2 Underground Mine Disaster was the catalyst for major change in the way safety was managed in the Australian Mining Industry. The impact was felt across all sectors not just underground coal. It was the catalyst for the overhaul of the regulatory frameworks, moving away from prescription to management systems and risk management. This had a substantial impact on the way not only the industry operated but also on how the regulator functioned. It heralded the introduction of competency-based training across all levels of the mining workforce. Since that time major improvements in safety performance have occurred. However, hiding within the statistics are some disturbing trends. This paper aims to analyse the progress made in the past 30 years and identify the current and emerging issues. Automation is bringing major production and safety benefits, but at the same time other factors such as the reduction in workforce numbers and ever-increasing production pressures are leading to high turnover rates. This in turn causes to a loss of experience and expertise. In addition, and of particular importance, is the recognition of psychosocial wellness on workforce safety. Many of these factors are not unique to the mining industry however they may be exacerbated by the scale of mining, the remoteness of the mines and family unfriendly mining rosters.

Apr 16, 2024

By G Harbort, K Quan

Traditional engineering practice for concentrator design uses a mixture of risk minimisation options and capital minimisation approaches. Often this is based on the preferences and experiences of the engineers involved.A geometallurgical approach involves identifying primary lithology, alteration, and mineral dispersion patterns within a deposit to allow representative samples for test programs. This provides a method to infer from laboratory test results meaningful production data for larger amounts of the ore body. Geometallurgical models can be integrated into the resource block model and subsequent mine plan and can assist in predicting when difficulties in the processing route might be expected, allow adjustment of the design to compensate for these or provide an early warning system so that production forecasts can be more adequately developed. Simulation modelling is the process of creating a computer model of a real system based on mathematical logic. In simulated time, the model explores the randomness and chronological sequencing of events observed on real systems. The objective is to mimic the real system with sufficient accuracy to make predictions of real behaviour under experimental conditions. Amec Foster Wheeler often use the ‘discrete-event’ simulation modelling technique. This method is well suited for inclusion of the statistical variation of effects in unit operation, mechanical availability, throughput and operating strategy (based on historical operating data for equipment downtime), operating schedules and equipment capacity. The net result of the simulation model is an analysis that can quantify risks in terms of system performance and capital and operating costs.CITATION:Harbort, G and Quan, K, 2017. Concentrator design – standard engineering practice versus geometallurgy and simulation, in Proceedings MetPlant 2017, pp 195–206 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 11, 2017

I have headed this paper with a question and for the impatient among you ûthe answer is no we have not run out of developments but, and it is a big æbutÆ, we need to be innovative and ahead of the game or ænoÆ will be æyesÆ before we know it.Why do I believe that our future lies in innovation? Thirty years ago, knowledge doubled every 14 years. It is now doubling every seven years. In 1965, Gordon Moore, one of the founders of the chip maker Intel, made an observation that growth in memory chip performance is doubled every 18 months which became known as MooreÆs Law. Now there is fibre law, where the transmission line capacity doubles every nine months and storage capacity, under disc law, doubles every 12 months. What does this mean? Well, firstly there is a massive rise in information flow and availability with no limits in growth for at least the next ten years. Secondly, unlike our grandfathers, we are most unlikely to be employed by the same firm for our working career - we may not even have the choice to stay with the same company. In a phenomenon Richard Foster and Sarah Kaplan (2001), borrowing from Schumpeter, termed æcreative destructionÆ, companies are unable to sustain market-beating levels of performance for more than ten to 15 years. In the 1920s the turnover rate of companies in the United States was 1.5 per cent, so a company could employ almost three generations from the one family. A company had a half life of 60 years. In other words, you could well be in the same working environment as your grandparents. Today the churn rate is estimated to be eight to ten per cent. A company has a half life of five to six years. So for large companies, as an employer or employee or as a contractor, your working environment has a 50 per cent chance of changing in five years. Innovation is the driver of this rapid rate of change. Innovation is not for the faint hearted (Cutler, 2001) but it is the core for success in the global economy. The rate of change in our world is not going to decrease. We must learn, not only to manage change, but to enjoy the process of changing û to ride the tsunami of the knowledge economy.

Jan 1, 2002