Information for Exploration and Development Planning

The rapid and continuing expansion of computer and communication capability is giving birth to profound changes in the business environment. Some commentators hold that the basis of the world economy has already shifted from industry to information. Regardless of the overall implications of these changes, it is now clear that every company potentially has both access to and a need for much more information for decision making than was the case a few years ago. The importance of information to the mining industry has been underlined by the rash of unexpected economic and political developments and by the accompanying market volatility that have marked the past decade. It should be abundantly clear to even the smallest mine operator that the price for his output can be instantly affected by unexpected developments halfway across the world. Nevertheless, many mining companies still are much less sophisticated about information than they might be. For many, the historical feeling that information is an unnecessary luxury for a production-oriented business still seems to linger. On the other hand, the overwhelming volume of source material, uncertainty as to its accuracy, and the problems of finding relevant material when needed, presents stumbling blocks to viable systems of information management. Introduction When a company needs certain information, it has two basic alternatives. It can either research and develop the information in-house or pay for someone else to do it. Few mining companies have the in-house capability to assemble information needed for careful planning. On the other hand, companies often engage consultants to find information that is in fact easily accessible. All too often companies give up on procuring needed information because of the frustration of not being able to find it, and of not wanting to pay seemingly exorbitant sums for someone else to produce it. The result is poor planning. This article addresses two aspects of the information problem-finding the right sources and then accessing the particular information desired, especially as it pertains to nonferrous metal exploration and development issues. In the first section, major English-language sources that report on exploration and development (excluding primary sources of geological information, such as technical journals) are discussed.* In the second section, some available techniques for efficiently accessing this information are presented, focusing on the new MINESEARCH database system. Part One: The Information Following the News The most obvious way to follow exploration and mining developments from a distance is through regular mining media. Many active mining districts have local newspapers, usually published in the district's major towns, that give extensive coverage to miningrelated activities. For instance, to follow activities in Idaho's Coeur d'Alene silver district, one might subscribe to the Kellogg Wardner News and/or the Wallace Miner. Similarly, one might get the Sacramento Bee for news of current mining developments in north-central California. The American Metal Market, published in New York, is the daily newspaper that covers the metals industry as a whole, both in the US and abroad. Its coverage is weighted towards the refining, manufacturing, and consumption end of the business, but it frequently carries stories on mining activity, company dealings, and market outlooks. For news of major mining companies, the daily Wall Street Journal provides occasional coverage of North American companies, while the Financial Times of London serves as probably the best single source for worldwide company information. International Coverage There are three metals industry weeklies that have broad international coverage and readership. These are Metal Week, Metal Bulletin, and Mining Journal. Each has its strengths. Metals Week, a McGraw-Hill newsletter, focuses primarily on news of the metals markets, concentrating on those developments that are seen to most directly affect the price of nonferrous metals. Metals Week is strongest on North American news. Metal Bulletin, published in London, is particularly strong on