Module also offered within study programmes:
General information:
Name:
Mineral Economics
Course of study:
2017/2018
Code:
BGG-2-307-EG-s
Faculty of:
Geology, Geophysics and Environmental Protection
Study level:
Second-cycle studies
Specialty:
Economic Geology
Field of study:
Mining and Geology
Semester:
3
Profile of education:
Academic (A)
Lecture language:
English
Form and type of study:
Full-time studies
Course homepage:
 
Responsible teacher:
mgr inż. Zygo Władysław (wzygo@geol.agh.edu.pl)
Academic teachers:
prof. dr hab. inż. Piestrzyński Adam (piestrz@geol.agh.edu.pl)
dr hab. inż. Krzak Mariusz (krzak@agh.edu.pl)
Module summary

Fundamentals of microeconomics & commodity markets. Specifics of mineral sector. International reporting of resources/reserves. Evaluation of exploration and mining projects.

Description of learning outcomes for module
MLO code Student after module completion has the knowledge/ knows how to/is able to Connections with FLO Method of learning outcomes verification (form of completion)
Social competence
M_K001 Student can use professional English terminology in discussions on mineral economics Project
Skills
M_U001 Student can apply discounted cash flow analysis in mineral project evaluation GG2A_U13, GG2A_U11 Project
M_U002 Student can assess mineral resource/reserve volumes in Polish vs. international classifications Test
M_U003 Student can judge risk-adjusted discount rate depending on development stage of mineral project GG2A_U01 Test
M_U004 Student can analyse macro- and microeconomic impacts on mineral business activities Test
Knowledge
M_W001 Student knows basic economic rules that help understanding of economic and policy issues associated with the production and use of mineral commodities GG2A_W10, GG2A_W07 Test
M_W002 Students knows methods of evaluating mineral projects Project
FLO matrix in relation to forms of classes
MLO code Student after module completion has the knowledge/ knows how to/is able to Form of classes
Lecture
Audit. classes
Lab. classes
Project classes
Conv. seminar
Seminar classes
Pract. classes
Zaj. terenowe
Zaj. warsztatowe
Others
E-learning
Social competence
M_K001 Student can use professional English terminology in discussions on mineral economics - - - - - + - - - - -
Skills
M_U001 Student can apply discounted cash flow analysis in mineral project evaluation - - - - - + - - - - -
M_U002 Student can assess mineral resource/reserve volumes in Polish vs. international classifications - - - - - + - - - - -
M_U003 Student can judge risk-adjusted discount rate depending on development stage of mineral project - - - - - + - - - - -
M_U004 Student can analyse macro- and microeconomic impacts on mineral business activities - - - - - - - - - - -
Knowledge
M_W001 Student knows basic economic rules that help understanding of economic and policy issues associated with the production and use of mineral commodities - - - - - + - - - - -
M_W002 Students knows methods of evaluating mineral projects - - - - - + - - - - -
Module content
Seminar classes:
Mineral Economics

Fundamentals of microeconomics & commodity markets. Specifics of mineral sector. International reporting of resources/reserves. Evaluation of exploration and mining projects.

Student workload (ECTS credits balance)
Student activity form Student workload
Summary student workload 75 h
Module ECTS credits 3 ECTS
Participation in seminar classes 30 h
Preparation of a report, presentation, written work, etc. 30 h
Preparation for classes 15 h
Additional information
Method of calculating the final grade:

weighted average: 35% 1st test, 35% 2nd test, 30% project

Prerequisites and additional requirements:

General knowledge about mineral activities (prospecting, exploration, development, mining, mine closure) and mineral resources/reserves estimation

Recommended literature and teaching resources:

1. Gocht W.R., Zantop H., Eggert R.G.: „International Mineral Economics”, Springer-Verlag, 1988,
2. JORC – Joint Ore Reserves Committee: “Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves”, http://www.jorc.org/docs/jorc_code2012.pdf
3. Rudenno V.: “The Mining Valuation Handbook: Mining and Energy Valuation for Investors and Management”, Wiley, 4th Edition,
4. Runge I.C.: „Mining Economics and Strategy”, Society for Mining, Metallurgy, and Exploration, Inc., Littleton, Colorado, 1998,
5. Smith L.D.: „Discount Rates and Risk Assessment in Mineral Project Evaluations”, Transactions Institution of Mining & Metallurgy (Sect. A: Mineral Industry), 1994,
6. Torries T.F.: „Evaluating Mineral Projects: Applications and Misconceptions”, Society for Mining, Metallurgy, and Exploration, Inc., 1998.
7. VALMIN Committee: “Australasian Code for the Public Reporting of Technical Assessments and Valuations of Mineral Assets (VALMIN Code)”, http://www.valmin.org/docs/VALMIN_Code_2015_final.pdf,

Scientific publications of module course instructors related to the topic of the module:

Wanielista K. (red.), Kicki J., Kopacz M., Saługa P., Jarosz J., Sobczyk J., Dyczko A., Włoch D., 2007 – NOWA STRATEGIA KREOWANIA RYNKOWEJ WARTOŚCI PRZEDSIĘBIORSTW GÓRNICZYCH. Wydawnictwo IGSMiE PAN, Kraków, pp. 181;
Mucha J., Nieć M., Wasilewska M., Sobczyk E.J., Saługa P., 2007 – DOKŁADNOŚĆ SZACOWANIA ZASOBÓW WĘGLA KAMIENNEGO JAKO ELEMENT OCENY RYZYKA INWESTYCYJNEGO. Wydawnictwo Akademii Górniczo-Hutniczej im. St. Staszica w Krakowie, Kraków 2007, pp. 119;
Saługa P. (red.), Byrska-Rąpała A., Dzieża J., Galos K., Glapa W., Kicki J., Mazurek S., Nieć M., Paulo A., Pietkiewicz P., Sadecki Z., Strzelska-Smakowska B., Uberman Rb., Uberman Rd., Wirth H., 2008 – KODEKS WYCENY ZŁÓŻ KOPALIN POLVAL – edycja 2008. Wyd. Polskie Stowarzyszenie Wyceny Złóż Kopalin we współpracy z Wydawnictwem EJB, Kraków, pp. 39;
Saługa P., 2009 – OCENA EKONOMICZNA PROJEKTÓW I ANALIZA RYZYKA W GÓRNICTWIE. „Studia, Rozprawy, Monografie”, nr 152, Wyd. IGSMiE PAN, Kraków, pp. 278, ISSN 1895-6823;
Wanielista K. (red.), Kicki J., Saługa P., Kopacz M., Jarosz J., Stopkowicz A., Dyczko A., 2010 – RACHUNEK EKONOMICZNY W PRZEDSIĘBIORSTWIE GÓRNICZYM. EKONOMICZNE ASPEKTY GOSPODARKI ZASOBAMI ZŁÓŻ KOPALIN STAŁYCH. Wyd. IGSMiE PAN, Kraków, pp. 323;
Saługa P., 2011 – ELASTYCZNOŚĆ DECYZYJNA W PROCESACH WYCENY PROJEKTÓW GEOLOGICZNO-GÓRNICZYCH. Studia, Rozprawy, Monografie nr 167, Wydawnictwo IGSMiE PAN w Krakowie, pp. 269;
Kulczycka J. (red.), Pietrzyk-Sokulska E., Koneczna R., Galos K., Lewicka E.: SUROWCE KLUCZOWE DLA POLSKIEJ GOSPODARKI. Wydawnictwo iGSMiE PAN, pp. 164, Kraków 2016;
Wirth H., Kulczycka J., Hausner J., Koński M.: CORPORATE SOCIAL RESPONSIBILITY: COMMUNICATION ABOUT SOCIAL AND ENVIRONMENTAL DISCLOSURE BY LARGE AND SMALL COPPER MINING COMPANIES. Resources Policy, 49 (2016), p. 53-60.

Additional information:

None