The Value Of Target Selection In A Dynamic Risk Environment

The economics of exploration target selection can be measured ultimately only against a company's success at developing mines. In the following brief history of the mine acquisitions of one company, Placer Development Limited, I try to identify the principal targeting parameters and the principal skills that came into play for each property and examine how these have changed with time. The process of target selection in exploration is directed: - first by corporate investment criteria which define objectives and acceptable levels of risk for pursuit of those objectives; - second by experience and skills which permit us to minimize risk; and - third by anticipation of future events relating to ore discoveries and changes in external risk factors.