Mining Journal Pipeline Handbook 2021
Mining Journal Intelligence’s Project Pipeline Handbook presents the methodology behind our database of development projects, along with a cross-section of assets from within our growing universe of coverage.
The database is the result of direct investor demand following our inaugural Mining Journal Select conference in 2018, which sought to critically assess mature, pre-production investment opportunities and present only those of sufficient quality to our investor audience.
While in 2018 that selection process was time intensive and subjective, we have now formalised the procedure, so it is streamlined and formulaic.
The broader concept recognises the difficulty investors face in sifting through the plus-2,000 listed resources equities across the major mining exchanges to identify a crop of assets worth greater investigation. What makes this challenge more acute is the varied ways in which companies report key asset metrics.
Here, for each asset included, we present 24 metrics we regard as central to any investment decision, normalised by unit and currency. Those metrics are baked into our ratings formula that, while still in its raw form, has been built around industry consultation. There is also a broad selection of commodity outlooks to provide context for the asset ratings.
Our unique ratings system has been built around our own views on key investment criteria, along with input from the analyst and investor communities.
We are, at this stage, focused on development assets only, which requires an asset to have an economic or technical study published that provides key financial metrics that can be run through our formula.
While the database captures 24 metrics for each asset, the formula takes select metrics and manipulates them in various ways to deliver indicative ratings across six categories, which are weighted for an overall score: Economics (40%); Jurisdiction (20%); Confidence (15%); Financeability (10%); Geology (7.5%); and Engineering/Metallurgy (7.5%).
- Economics: NPV, IRR and, NPV:initial capex ratio
- Jurisdiction: World Risk Report ‘Investment Risk Index’ rating
- Confidence: Commodity-price assumption, Discount rate, Study age, and Study stage
- Financeability: Market capitalisation:initial capex ratio and operating margin
- Geology: Resources (M&I) and resource grade
- Engineering/Metallurgy: Proven technology.
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