I. Operation of the primary survey company 1. Registered private company The growth of mineral exploration companies started in private companies. The company's sponsor has raised funds to register a company's operation. Because the mineral survey company does not have cash return during the risk exploration stage, for taxation, it is often chosen to register at the Cayman Islands and the British Virgin Islands (countries). Prior to the listing of the junior survey company, private companies registered with offshore duty -free islands (countries) were used as carriers, and legal persons or natural persons with exploration rights signed a joint venture, cooperation or option transfer agreement, and then raised financing in the capital market to carry out risk minerals Examine. However, cooperation with a private company registered with offshore duty -free islands (countries) must be cautious. To do a specific understanding and analysis, you must not be sure or easily. Because the threshold of the registered company is very low, it is inevitable that fish and dragons are mixed. 2. Looking for the mineral survey project The primary exploration private company or primary survey company, first find risk survey projects. The target mineral species are mineral species and projects that have good investment in return and are easy to transfer to large mining companies, or high -quality primary and easy -to -collect, and can realize cash return as soon as possible. The current gold is the first gold, followed by silver, platinum, diamond, copper nickel, and once again, uranium, lead zinc, and industrial minerals. Global supplies of large -scale minerals such as iron ore, potassium salt, aluminum ore, coal, manganese and other mineral species are difficult to seek risk survey investment. The target area should consider the sorting of investment conditions in the area, and it is also related to the development strategy of private companies or junior mineral exploration companies. For example, a group of primary survey companies have seen the potential and investment conditions of Greenland's mining and investment conditions. From the resources and strategic position of the Arctic Ocean Circle, Greenland is used as the target area of strategic development. Some regions have stable investment conditions, but the threshold for environmental protection is too high, and the problems of aboriginal people are complicated, such as Canada and Australia; some areas have a large potential for minerals, high basic geological work, but low marketization, lack of commercial mineral survey culture Tradition, officials are not clean, such as Russia and five Central Asia. Private survey companies or junior survey companies must conduct comprehensive analysis when looking for risk survey projects. For the choice of mineral survey investment, investment in minerals and regions, please refer to Chapter 3. The purpose of mineral exploration is profitability. In order to achieve the purpose of profitability, the main body of the mineral exploration investment is to find or transfer the mineral exploration project, no matter what kind of mineral exploration operation method is used, the following two points should be considered: (1) the "psychological price" of the value of mineral rights. Essence The probation right is the carrier of mineral exploration operation. During the exploration phase, only limited geological data and a small amount of exploration projects provided only limited information of the value of exploration rights; the evaluation of the value of exploration right during the exploration stage was actually an assessment of the mineral potential of the mineral right. The experience of the geological artist and manager of the primary survey company, the "psychological price" of the value of the exploration right, has become the key to the transaction. The executives of the primary survey company must have the value of the value of a planned or selling exploration right, and must have their own "psychological price". During the risk exploration stage, it is best not to ask for the evaluation results of the mineral appraisers to determine their business behavior. Judgment of excessive or too low value of the mineral rights will cause the buying that should not be bought in time, and it cannot be sold in time and loses business opportunities. Whoever can accurately judge the value of the probation right is often the winner of the commercial mineral survey market. (2) Rough economic evaluation. During the exploration stage, although there are very few parameters of the mine, the geological artists and manager personnel of the primary exploration company must still do a rough economic evaluation of options as much as possible. According to the current price and price trend of the target ore; the possible taste and resource quantity of the target mining bed; through the comparison of the ore type, it is estimated to be the mineral recovery rate; the cost of mining is estimated to be based on the siege and production status of the mine. Through a rough economic evaluation, the cost of ore, concentrate selection, and mineral products is estimated to be in a competitive position in the mining industry. For the prospects of the development of the mine, the prospect of the transmission of the mineral rights, and make a qualitative or semi -quantitative judgment. Successful junior survey companies, high -level general economic evaluations are the key. Commercial mineral exploration refuses to stay in the ore. The primary exploration company looking for a dumb mine will be eliminated by the market, no matter how many large and medium -sized you have found. Although the "General Regulations for the Survey Survey Survey of Solid Mineral Land" (GB/T 13908-2002) requires that in the census stage, economic general research is required, in fact, the application for project and the acceptance of the results has not been carefully written and reviewed related content. ; The concept of "potential economic value" is still widely used to replace the global economic evaluation; "general industrial indicators" that are still widely used for many years, as the basis for the judgment of mines and non -mine. Overseas mineral surveys need to create a group of high -level, which can properly carry out a rough economic evaluation geologist and survey manager. The primary exploration private company or primary survey company can directly obtain the probation rights, or jointly cooperate with other explorators to obtain the rights and interests of the exploration project. 3. The evaluation of the exploration project The private company listing or primary survey company uses risk survey projects to raise funds and financing in the capital market. The independent survey geologist must evaluate the project through independent survey geologists. In a market economy country, an independent survey geological scientist who has no interest in the company has evaluated the project with a qualified independent survey of the project. Independent exploration Geologists should also be responsible for the authenticity and representative of the information on the survey project. It's chapters of this book have been mentioned that the role of independent mineral survey geologists in mineral exploration. They are a mineral survey expert who has registered and qualified to be qualified by the industry association. Independent survey geologists generally operate in a partnership. In the mineral exploration, it is an intermediary to connect funders and investors. It is an indispensable part of mineral exploration and operation. In independent survey geologicalologists' report, first of all, the exploration project or listed company of the listed company must be evaluated. The main assessment of the authenticity of existing geological data, the legal status of the exploration right, and the potential of the target mineral bed in the exploration right area. Secondly, an independent exploration geologist should review the first survey plan proposed by the primary exploration company, evaluate whether the design and budget of the survey project are reasonable, and evaluate the possibility of the first exploration plan goals. not only must there be an exploration right area with seductive mining potential, but also a survey plan that can attract investment interest in order to achieve the purpose of investigation. Take two examples. The first example is: Columbia Gold Mine Corporation (INC.), Canada, has selected copper gold exploration projects to invest in the Luxian area in the middle and lower reaches of the Yangtze River in my country. The famous independent survey geologist John Barakso is requested to evaluate it for it. After studying the information provided by the Chinese side in detail and conducting on -site exploration, Barako believes that in the Luxu area, the possibility of the scale of the scale of the scale of the scale of the large -scale chanlie and copper gold ore is found. , That is, the value of the exploration right area has been negatively evaluated. The operation of the financing of the Copper Gold Mine Project of Columbia Gold Mine Company failed. Another example is: The fourth chapter mentioned that a Canadian junior exploration company with a Chinese private capital background, Xiaomaping Company (XMP), hired an independent survey geologist Strakat (C.) to evaluate The North China Tower Zhendan is the Great Great Wall Mine in the Carbonate Rock, which is the mining right area of the Xiaomaping Gold Mine. Although some Chinese geologists were not very optimistic about finding the prospects of mining at the time, Strakat made a good assessment of the mines in the mining area. The conclusion proposed by the Strakat evaluation report is: "The eclipse of the small Matong Gold Mine and the combination of the element of golden arsenic mercury indicate that the mine has the characteristics of low -temperature thermal solution. In many aspects, with Nevada, the United States The Carin -type gold mine is very similar. The mine is a layer -controlled mine, with a large number of mineralization points on the surface, extending to large, and low work. Therefore, it has a very good potential to find a large gold mine. A mine above the tons, available for exposed exploitation. The potential of the entire district may be 50-150 tons. "This conclusion that I seemed too optimistic in the author, after all, supports the process of listing and overestimated the stock price of XMP. In early 1998, the XMP company was successfully listed on the Vancouver Stock Exchange, and the issuance price was 0.40 Canadian dollars/share. In short, the venture capital institutions must decide whether to participate in the company's funding based on the evaluation results of the independent survey of geologists and the analysis of the risk of exploration. The geological report signed by an independent exploration of geologists is one of the key factors for the investigation project. 4. Mineral exploration of financing The initial exploration company mainly obtains risk exploration funds in the method of listing, and has been discussed in detail in Chapter 4. To sum up, the primary mineral survey company wants to list risk survey funds, and can adopt various methods such as direct listing (IPO), anti -acquisition (RTO), and public offer issuance. It is necessary to choose a securities company with good reputation to evaluate and recommend the operation of primary mineral exploration companies, and use its extensive sales channels to include sale of securities. The securities company's junior survey company wrote a prospectus, including the company's composition, explanation of the prospects of survey and exploration, the background of investment, the direction of fundraising and use and risk, the company's capital structure, the company's financial status, etc., and independence with independence Examiner's evaluation report and first -phase exploration plan review report on the primary exploration company's exploration rights. 5. Implementing exploration to promote the growth of the company The initial exploration company will put the risk survey funds raised into the exploration project. Through the implementation of the survey project, the junior survey company has gradually grown. It can be reflected by the law of stock prices (Figure 5-1). Of course, most of the primary survey companies cannot find a profitable, and have a certain scale of economic mines. Figure 5-1 reflects the laws of stock price movement by a successful primary exploration company. Figure 5-1 Primary exploration company exploration-Law of the stock price movement The exploration period is a speculative stage of investment and an enthusiastic period for investment. With the development of the exploration work, the news of finding the mine has been disclosed, and the stock price of the primary exploration company has continued to rise. If it is found that it is expected to materialize the abnormalities, the stock price rises; the slot exploration controls the surface mineralization belt of the surface, the stock price rises; finding the mines to see the mine, the stock price rises; the Ni43-101 report is released, which controls the amount of resources and the stock price has increased; Thick ore body, the stock price will soar. The psychology of investigating investors is that there are more good news to find out. I do n’t know how large the mine is buried in the ground and has not been proven, so they scrambled to buy the stocks of the mining company. This is the enthusiasm of the investigation investment. At this moment, the market value of the primary exploration company is often overestimated and foam appears. For example, the primary survey company has a major discovery of mining in the Red Chris mining area of BC, Canada. In September 2010, a key hole was announced. The RC07-133 holes saw the mine situation. It continued to see the mine of 024.1 meters, containing 1.01% copper, 1.26 grams / ton. Imperial Metal Corp.'s stock price rose 40% immediately, because of this hole, the company's market value increased by about 3,5 million Canadian dollars (Figure 5-2). The mineral exploration can be frustrated at any stage. As shown in Figure 5-1, the stock price of the primary mineral survey company can suddenly fall at any stage, as shown in Figure 5-1, the small arrows bent down. If there is an abnormal exploration and a ore -containing broken belt, the grooves have been found to be the surface ore body, but the deep drilling of the deep part is not seen, and there will be a sudden steep fall after the stock price continues to rise. At first, the mineral minerals were good. After the encryption drilling, the mine became inconsistent, and the stock price would fall. FIG. 5-2 See the news of the mine that causes the stock price to soar. Source: Web page Puk of the mineral resource volume is roughly determined, the survey stock rose to the apex (A). Turning into feasibility research and mining construction, at this time, a lot of capital investment is needed, and there will be no more "exciting" mining results. There is still a period of time for the production of mines, leading to the decline in the enthusiasm of investment, entering the calm period of investment in investment. Essence Due to the decline in risk survey profitability, investors who surveyed by speculative are withdrawn, and the profit will have a period of time. When the mining is put into production (b), due to the stable return of investment, as long as the parameters of market conditions and feasibility studies do not change significantly, the price of the stock will rise. The DIAVIK diamond mine in Canada as an example. In Chapter 4 of this book, the process of discovery and financing of the mine has been mentioned. As the clues to find diamonds have gradually become clear, especially the discovery of 154 South Jinbieli rock tube, the stock price has risen all the way, which has risen hundreds of times in 5 years. Entering the feasible research stage from 1997 to 1999, with the withdrawal of speculative capital, the stock price fell 3/4. In the 21st century, Diavik was put into production, and the stock price rose to a high position. (Figure 5-3) The investigation — the regular curve of the stock price movement is a theoretical curve. This curve does not consider the effects of mineral prices and investment situation. Figure 5-3 DIAVIK diamond ore stock price changes Data Source: Dr. Feng Rui Tsinghua University Mining Investment Senior Training Class Lecture 6. Primary exploration company's prospects (1) If) If) If) If) If) If) The junior survey company did not find the mine, and there was the following choices. ① Re -financing and continue to investigate. If the survey funds raised have been used up, although the economic mine is not found, there is still a prospect of finding a mine in the exploration right area, and you need to persist in finding the mine. The prospect of finding the mine is accepted by investors by independent investigators. Listed companies can expand shares and financing, and their equity is scarce. ② Select another project to find investment. Investors believe that if the failed to find a mine is for geological technical factors, "bad luck, or force majeure, these can be understood by investigating investors. If the team of this primary survey company is really trustworthy in exploration concepts, exploration technology, financing or management, it is worth investing in re -investment. You can choose the project again, and tell a "finding a mine story", and raise a survey funds to continue the risk exploration. ③ The stock price cannot be maintained. Investors have lost interest in the company's team. They cannot find the project or the investigation funds. Sell the company and let another company go public. ④ into a shell company without projects and funds, waiting for a new round of mineral exploration and development life cycle. There are as many as a hundred projects and funds without funds that have traded in Toronto Securities. From this climax period of 1994 to 1996, 2003 to 2006, some shell companies may re -find the project, pass the dormant period, and start a new round of survey. (2) If the primary survey company finds the mine, there can be the following choices. ① The primary survey company's own financing development. After finding a world -class large mining company, some junior survey companies "graduated" from the GEM of the Toronto Stock Exchange to enter the motherboard, and grow up with project financing as a large mining company. , Just take such a development path. ② The junior survey company will sell some or all of the survey projects, realize the funds, and continue the exploration. For example, a private company in Shandong purchased 100% of the Cardero Resources Corp. in Peru at the price of $ 100 million. ③ The junior survey company establishes a joint venture with large mining companies to cooperate with development. Elementary mineral survey companies retain about 20%of the rights and interests on the ore discovered, or reserved about 10%of the non -scarce equity. This model has developed the development of primary survey companies, gradually formed a mining share with a stable income, and maintained the business direction of mineral exploration. When conducting mineral explorations abroad, domestic survey companies can also choose this model, withdraw from unfamiliar mining construction production fields, retain economic growth points, and continue to exert the technical advantages in mineral exploration. ④ The stock of the junior survey company was acquired by a large mining company at a high price, which is an ideal choice for the operator of the junior mineral exploration company. For example, Resources Inc., find Voiseys Bay nickel ore. This is a world -class nickel mine. In August 1996, it was sold to the National Nickel Company (Inco) for US $ 3.24.2 billion, of which 97.7% were cash payment. This is the perfect ending pursued by the junior survey company. The board of directors and executives of the primary survey company sold the company's shares held by the company, which was supervised by the Securities Regulatory Commission. At high prices of primary survey companies, the company's board and executives are not possible to sell a large number of shares of the company. The stock of the primary survey company is acquired by another large mining company at a high price, and the company's company's stocks hold the company's stocks. The geologist and manager of the primary survey company that finds the mining company can complete the wealth accumulation of a lifetime at this time. (3) Another prospect of the primary exploration company. Finding a company and kept publishing the news of mine drilling. Although the mineral price is good, the stock price is not moving in place; the company that has not found the mine, constantly finds and tells a new "finding mining story". The story is moving. It is difficult to impress investors. The investigation and investment market suffers from "looking for mineral fatigue", and the management of the primary exploration company has also troubled the funding for constant funding. Some junior survey companies have begun to explore a new way out, and do not have to go to find a traditional route transferred to a world -class large mining to large mining companies. No longer follow the operating routine of "telling stories -financing -re -financing -re -financing". Instead, after finding a small and easy -to -use small and medium -sized mining bed, it has a financing and development, with cash return, forming profits, and then putting it into mineral exploration. The cash flow of the primary survey company has changed from negative value to positive value; no need to increase the stock to raise funds to maintain the exploration. The revenue of mining supports the survey company's continuous exploration and acquisition of new exploration rights; Dividends. This development model has been recognized by the market. Some junior survey companies, such as Canada's Metals Inc., operate this, have achieved great success. In April 2004, the company established Henan Farnede Mining Co., Ltd. with the Henan Nonferrous Land Survey Bureau. The company's flagship project was Henan Luoning Lead, Zinc Yin Metal Mine. Within two years, a total of 30,000 meters were invested, 370,000 meters were explored, and the amount of resources at all levels was explored. The silver was 3 022 tons, 532,000 tons of lead, and 174,000 tons of zinc. In June 2006, a mining license was obtained, and cash returns quickly. Now, the production capacity of 2 500 tons of ore has been formed daily. In 2010, the operating income was 1.13 billion yuan, and the taxes and fees paid 7500 million yuan in five years. Hillway Metal Mining Co., Ltd. was ranked second among the 200 companies rated as the fastest -growing company in Canada in 2008. As a company listed in Toronto and New York, Hillway Metal Mining Co., Ltd. has a market value of 16.9 billion yuan (April 8, 2011), becoming the largest company to enter the 100th junior survey company in China. In just 7 years, the company has grown into a medium -sized multinational mining company with integrated exploration and development. Another junior survey company in Canada -Geomaquis LTD. Geomaquis LTD. is also a model in Mexico's exploration and development of San Francisco, that is, the "exploration and mining integration of primary exploration companies under specific conditions under specific conditions "". . The operation of large -scale mining companies The middle of the 1990s, large mining companies were the main force of mineral exploration and operated by the survey company or the exploration department. Large mining companies use their own funds to invest in mineral exploration and pay before tax. The survey risk of a wholly -owned exploration company or the exploration department shall be borne by the parent company. The operation of the mineral exploration of large mining companies and the mineral exploration operation methods of my country's geographical survey units have some comparability, that is, strategic planning -annual arrangement -project design -project budget -project implementation -results intersection. 90s after the mid -190s, large mining companies have greatly withdrew from risk exploration. It was changed to the primary survey company's acquisition of a certain maturity of the mineral rights, and further carried out pre -pre -can research. As mentioned earlier, the pre -active studies of Western countries include: encrypted drilling, computing reserves, hydrogeological exploration of mining areas, and mineral selection tests. Large multinational mining companies withdraw from high -risk grassroots exploration, that is, the new district finding mine. According to the Chinese mineral exploration stage, large mining companies have not withdrawn from detailed investigation and exploration. At the peak of this new round of mineral exploration, some large mining companies have a trend of increasing risk survey input. 1987, the author was dispatched by the China Talent Exchange Center to the exploration company of the Australian BHP mining company to study the mineral exploration management. In fact, he actually participated in the mineral exploration of the BHP mining company Western Australia Exploration Company to explorate Western Australia. The company's departments made detailed investigations. The study report written after returning to China was repaired by the Policy Research Office and the Direct Management Bureau of the Ministry of Geology and Minerals twice. Here, the content of the training report (with modification) is quoted as follows, which can be used as an example of the mineral exploration operation of large mining companies, reflecting some characteristics of the mineral exploration operation of large mining companies. Unfortunately, the information is old, please readers forgive. 1. Project management The BHP exploration company as an example. The company's fiscal year from June 1st to May 31st of the following year. The project is divided into 7 steps. (1) Project. According to the results of the results of the last year and the selection options of the research department of the exploration company, Dr. Parsop, the manager of the BHP exploration company, issued a memorandum of the next financial annual exploration project to the 6 branch managers, and proposed the next financial annual company's exploration Requirements and expected results are similar to domestic design tasks. (2) The proposal of the total budget. According to the development planning and operating conditions of BHP mining companies, considering the annual inflation factors and the proposed projects, Dr. Parsop proposed the general budget of the annual exploration to the general manager of the BHP mining company's resource plan development department and obtained his approval of his approval Essence (3) Formulate a memorandum of pre -distribution plan. According to the general budget, Dr. Parcep will issue a memorandum of pre -distribution plan for the "project group" to the "project group" to the exploration branch, the research department, and the Ministry of Geophysics. For example, the gold mine exploration of Merqinsen region in Western Australia is a project group composed of a group of green rock gold mine exploration projects. This is similar to the Copperite Mine in Gangdis Mountains, a fine immersion gold mine in the Dianqian Guijin Triangle area, and the silicon -type iron copper mine in southeast Hubei. That is, in a similar geological condition, it contains several types of survey projects with the same type of mineral type, forming a group group. This memorandum is only used to guide branches to determine projects and preparation budgets, not the final plan. The pre -distribution plan between each project group may also be adjusted. (4) The budget is issued. The branch manager discussed with the geological scientist of the project group according to the pre -distribution plan of the project group to prepare the next year's project plan and project budget. The manager of the branch has the right to adjust the pre -distribution plan of the project group. Do not require the project group to submit the geological exploration design, as long as it is required to submit a 3 -page table format project and budget summary. The project's summary includes: the status of the exploration right area and the joint venture exploration, the analysis of the company's interests and equity, the production status of the mining, the implementation of the project last year and geological results, the analysis of geological conditions for further exploration, the next year's exploration work arrangement, the project, the project Prospects and references. The budget is based on the unit price of the annual budget of this financial budget announced by the accountant of the exploration company. The budget price of each financial year considers the changes in the market price of inflation and the market price, and it is adjusted year by year. There are only 9 items of the budget preparation (such as salary, field costs, drilling costs, car rental costs, rental costs, earth chemical measurement costs, physical measurement costs, measurement costs, and other expenses). The accountant Green, an exploration company, believes that there are many factors for mineral exploration, and there is no need to accurately prepare budgets. The BHP exploration company does not require the preparation design. In fact, our overseas mineral exploration design is too cumbersome, especially the sequel project, which wastes the precious time and management resources of geological technicians. (5) Project technology review. The project technology review is carried out at the level of the regional survey branch, and the review is carried out according to the project group, which is convenient for technical comparison. Project technical review requires all geologists to participate. The technicians of the BHP Exploration Company's Earth Physics Department and the Research Department participated in the project technical review of the Investigation Branch, and exchanged and discussed the idea of mineral ideas and methods. Project technical review is mainly to solve the results of the results of the last year; the foundation and technical feasibility of finding mining and technical feasibility of this year's exploration plan; increasing or decreased exploration rights, joint venture exploration matters; and rationality of workload estimation and budget preparation. The project technology review does not form an approval opinion. The geologist at the project group decides to modify it on its own according to the discussion. (6) Project budget review. The project budget review is conducted at the level of the BHP exploration company. The manager of each exploration branch and the director of the project group director participated. It is the most important meeting of the exploration company every year. The meeting place was held in the country or region of the company's most influential year. For example, the project budget review in 1993 was held in Beijing. More than 100 geologists and manager personnel participated, because in China, the Kangyun Exploration Company, which has just established China -Australia cooperation. The meeting was reported according to the project group, and the review committee's comment project was strong and weak. The strong project means that the results of the mineral mining were obvious, the prospects of the mine were clear, and the potential for minerals was great. At the end of the project budget review meeting, Dr. Parsop, the manager of BHP exploration company, announced that it will increase the budget to strong projects, reduce the budget for weak projects, and announce the budget adjustment amount. At the same time, the personnel of geologists between the strong and weak projects are determined. The project budget review is the key to the manager of each exploration branch and the director of the project group. (7) Project approval. According to the results of the project budget review, the exploration company manager wrote a comprehensive evaluation and annual budget. After the general manager of the mining company was approved, it was approved by the board of directors of the BHP company and implemented the new fiscal year on June 1. The projects of large -scale mining companies' exploration projects are similar to the establishment of domestic financial investment. The difference is that large -scale mining companies use annual exploration general budget control and exploration subsidiaries of the investigation; in the project survey plan, geologists have given greater autonomy; Examination; the survey project budget is simple, compiled by the project geologist to adapt to the variant of mineral survey. However, the cost, cycle, and flexibility of large -scale mining companies are not as good as primary survey companies. The power of mining is lower than the primary survey company, which has become the reason why large -scale mining companies withdraw from risk mineral exploration. 2. The connection of mineral exploration and pre -effectiveness and feasibility study BHP Exploration Company (BHP Company) and BHP Resources (BHP Resources) are the Resources Planning and Resources Planning Department of BHP Mining Company The two subsidiaries of their subordinates, Carter, general manager of the same resource plan development department. The connection between mineral exploration and pre -effectiveness and feasibility study is carried out between these two subsidiaries. Two subsidiaries shared a computer system to survey the company's mining engineering mining engineering for resource technology companies. Once you can transfer to pre -pre -visible research, resource technology companies intervene in time. For example, after the exploration company discovered the "twelve miles" lead zinc ore in Western Australia, from 1986 to 1987, the mines were good. With the degree of diamonds of 100 meters × 50 meters, systematics control, and start the economic assessment of mineral selection tests and development. The technical decision power has shifted from an exploration company to a resource technology company. Drilling design, drilling network degree of calculating reserves, computing resources/reserves, hydrogeological engineering geological exploration, etc., are determined by resource technology companies. BHP exploration company's rig, encrypted drilling project designed by contract resource technology companies, budget $ 1.5 million. This budget is no longer included in the budget of the BHP exploration company's mineral survey project, and is paid by resource technology companies. 3. Basic considerations of large mining companies in the M
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