Nursing One's Resources

The title of my presentation is `Nursing One's Resources', words that fit a young organisation like Ross Mining and words we had to apply to reach our current level as a company. To get to where we are, we had to nurse, foster and treat carefully all our available resources in the widest sense of the word, namely: ò a stock or supply that can be drawn upon (funds, mineral resources, human resources); ò the means available to achieve an end; ò skills in devising expedients; and ò practical ingenuity. I do not claim that Ross Mining is now the perfect mining company. However, we have become a profitable, dividend- paying, gold mining and exploration company which is to our knowledge, currently the cheapest gold producer on the Australian continent. Nursing our resources got us where we are and will guide us in our future development. The words `nursing one's resources' are I feel particularly applicable to mining-as I like to argue that the extractive mining industry has a social responsibility to optimise the metal output and value from each orebody which is being exploited, and preferably leave no metal behind. Likewise, a modem company cannot survive into the future without maximising and optimising its human resource potential. In this presentation I would like to present a number of actual examples of nursing one's physical and human resources. Before I do that, I will give a brief background to Ross Mining. Ross Mining NL is a young Queensland-based company that gained its stock exchange listing in September 1987 and that poured its first gold in 1989 from its own developed Belyando Mine, located in Central Queensland. We have now reached the stage of a medium-size gold producer, producing approximately 70 000 ounces of gold per year, mainly from the Yandan Gold Mine, also in Central Queensland. Our production is set to increase to over 100 000 ounces in the near future. Recent increases in our resource base have secured us a future of ten to 15 years. As a young, newly listed company, we faced all the dangers that most new small floats do as a new entrant into an established industry. However, one advantage of being young and perhaps naive, is summed up by the following Zen Buddist saying: In the beginner's mind there are many possibilities, in the expert's mind there are few. A mining company's main assets are the sum of its resource base and the skills and talents of its people. Attempting to optimise both the physical and human resources within the company has been to-date the key to our success. The first example I would like to present is linked to the exploitation of the Belyando Gold Mine in Central Queensland.