Benchmarking - Making Best Practice Common Practice

The primary objective of most mining projects is to maximise the value delivered to the companyÆs shareholders. Achieving best practice performance and maintaining competitive advantage through low-cost production and high productivity is essential to achieving this aim. Benchmarking is an essential tool for the identification and implementation of best practice performance, and to realise continuous improvement by ensuring best practice becomes common practice. But to be successful, that is to deliver long-term value creation, benchmarking must be holistic and align operational performance with strategic intent. This paper outlines a rigorous and structured approach on how to conduct a successful benchmarking program that aligns operational performance with the businessÆs goals. Further it investigates the benefits that benchmarking can provide throughout the project life cycle and provides some key learnings from some of the worldÆs leading miners.