The mining industry has just experienced a rollercoaster ride of growth and cost increases. Over the past several years, precious metal commodity pricing reached all time highs while demand was at record levels as well. Mining companies reacted with aggressive capital programs to capture this market. Many large scale projects/programs were authorized with ill defined scopes, aggressive schedules and misaligned cost estimates. Poor planning and execution led to poor business results. Commodity prices have stabilized however and many mining organizations are in a pullback mode, determined to reduce cost and better define their capital program needs to improve financial results.
Capital Project Impact:
Based on the project environment described above and the new financial challenges facing the industry, mining companies have recognized the need for better planning and capital project execution. The traditional ways of executing large scale capital projects does not adhere to the ever-changing engineering and construction challenges. The mining companies are reaching out for help.
Barrick Gold Corp
Detour Gold Company
Kinross Gold Corporation
Newmont Mining Corporation
Pathfinder has addressed these industry wide challenges through support of our mining owner clients. We have been able to provide a more organized project planning approach. This standardized project delivery approach has led to better decisions and execution. In some cases, better definition of the business drivers has led to strategic project adjustments while in other cases, more accurate cost and schedule deliverables allowed project teams and business leaders to make better project decisions. Pathfinder’s extensive resource pool of highly experience project professionals provided owner organizations with the needed lessons learned and leadership to drive project teams to apply proven project management and construction management best practices.
Association for the Advancement of Cost Engineering (AACEI)
Construction Industry Institute (CII)
Construction Owners Association of Alberta (COAA)
Construction Users Roundtable (CURT)
Engineering and Construction Contracting Association (ECC)