U of T's Online Mining Courses
Economics & Finance
11
Instructors
35
Learning Hours
1
Certificate
Course Description
This advanced course delves into the intricate intersection of economics and finance within the mining industry. Through a rigorous blend of theoretical frameworks and practical mining case studies, students will explore the unique economic dynamics of mining projects and operating mining companies. The course emphasises the economic principles and financial strategies essential for success in the mining industry, focusing on market analysis, project valuation, and investment decision-making.
By the end of this course, students will be able to:
This course is fully-online, giving you the flexbility to learn remotely or from mine sites. You will be given 10 months (300 days) from your registration date to complete the modules. Expect to dedicate at least 35-40 hours to complete all materials in this course.
Certificate in Economics & Finance in Mining
The University of Toronto, Department of Civil & Mineral Engineering will issue this certificate upon course completion. With this certificate, you can maximize your career potential by applying the knowledge you’re gaining to your workplace and mine sites.
By the end of this course, students will be able to:
- Illustrate (for projects and companies) where money comes from and where it goes
- Determine how mining projects and companies are assessed and valued
- Know funding options, and be aware of who the players are, and be better equipped to ask pertinent questions
- Make more informed financing decisions – and know when to seek expert advice
- Understand what tools and inputs are used to assess and value companies and projects
This course is fully-online, giving you the flexbility to learn remotely or from mine sites. You will be given 10 months (300 days) from your registration date to complete the modules. Expect to dedicate at least 35-40 hours to complete all materials in this course.
Certificate in Economics & Finance in Mining
The University of Toronto, Department of Civil & Mineral Engineering will issue this certificate upon course completion. With this certificate, you can maximize your career potential by applying the knowledge you’re gaining to your workplace and mine sites.
Who should take this course?
This course is ideal for all mining professionals who are looking for fully-online & flexible training to keep their knowledge & skills up to date. Take this course to ensure you are performing at the highest level in your career.
11 mining industry experts as your instructors
You will have 11 highly qualified, mining industry experts as your instructors for this course. Each instructor brings a wealth of expertise from their respective fields and have spent countless hours developing these courses.
MIMP has revolutionized mining education
Our courses offer highly specialized learning for mining professionals who wish to pursue continued education. Build on your existing knowledge and keep your skills up to date within the ever-changing mining industry. MIMP aims to equip the next generation of mining leaders with the knowledge and tools to face the challenges of tomorrow.
This course is ideal for all mining professionals who are looking for fully-online & flexible training to keep their knowledge & skills up to date. Take this course to ensure you are performing at the highest level in your career.
11 mining industry experts as your instructors
You will have 11 highly qualified, mining industry experts as your instructors for this course. Each instructor brings a wealth of expertise from their respective fields and have spent countless hours developing these courses.
MIMP has revolutionized mining education
Our courses offer highly specialized learning for mining professionals who wish to pursue continued education. Build on your existing knowledge and keep your skills up to date within the ever-changing mining industry. MIMP aims to equip the next generation of mining leaders with the knowledge and tools to face the challenges of tomorrow.
Registration Deadline For Next Offering:
December 15, 2024
Next Course Start Date:
January 6, 2025
Course Pricing:
$1695 CAD
Standard Pricing
Enrol now for the current offering of this course at the standard rate.
10% Discount
Enrol as a group of 3 or more and we will apply a discount of 10%. (conditions apply)
5% Discount
Enrol early for a future offering of this course for a 5% discount. (conditions apply)
View Next Offering
View our semester schedule to see when this course is offered next.
Meet Your Instructors
Module Breakdown
Module 1.0 - Mining Finance Literacy
Instructor: Jessie Liu-Ernsting
Module Description: Gain a comprehensive understanding of mining finance, from basic principles to advanced investment strategies, in this course designed to enhance financial literacy within the mining sector.
Module Learning Outcomes:
Module Description: Gain a comprehensive understanding of mining finance, from basic principles to advanced investment strategies, in this course designed to enhance financial literacy within the mining sector.
Module Learning Outcomes:
- Understand basic terminology in mining projects and financing
- Comprehend the complexities of a project from technical perspective to financial perspective
- Understand the different types of companies and their financing needs
- Analyze the different financing options available or not available and their implications
- Assess different uses for available funds
Module 2.1 - Cash Flow Concepts
Instructor: Yuri Lawryshyn
Module Description: A cash flow valuation is a key tool for economic decision making. This module will cover terminology, basic equations, and application of equations or excel to value and analyze cash flows.
Module Learning Outcomes:
Module Description: A cash flow valuation is a key tool for economic decision making. This module will cover terminology, basic equations, and application of equations or excel to value and analyze cash flows.
Module Learning Outcomes:
- Explain the concepts of interest and interest rate
- Differentiate between nominal (compounding), effective and continuous interest rates, and how to interconvert rates
- Be able to construct cash-flows
- Be able to value cash-flows using engineering economics discounting factors and using excel
Module 2.2 - Cash Flow Case Study
Instructor: Lawrence Devon Smith
Module Description: This module is an examination of the Base Case in an NI 43-101 Technical Report to illustrate how to source and use the data in this report to develop a project cash flow.
Module Learning Outcomes:
Module Description: This module is an examination of the Base Case in an NI 43-101 Technical Report to illustrate how to source and use the data in this report to develop a project cash flow.
Module Learning Outcomes:
- Understand the cash flow evaluation that is the basis for investment decision making
- Be familiar with the discounted cash flow (DCF) metrics used in the mining industry, and the determination of the risk adjusted discount rate (RADR)
- Become familiar with the engineering cash flow (as an Excel model) and how it is used to evaluate mining projects
- Identify the basic data inputs for a cash flow (revenue, Opex, Capex, taxes, etc) and understand how to apply them to the cash flow
- Be able to identify and quantify risk in your project and how to express it using DCF metric
Module 2.3 - Early Project Evaluations (Quick & Dirty)
Instructor: L.D. Smith/Julia Martin/Yuri Lawryshyn
Module Description: Three instructors present their “quick & dirty” methods to carry out early project evaluations.
Module Learning Outcomes:
Module Description: Three instructors present their “quick & dirty” methods to carry out early project evaluations.
Module Learning Outcomes:
- Understand the different ways early project evaluations can be carried out.
Module 3.1 - Metal Price Forecasting
Instructor: Lawrence Devon Smith
Module Description: An examination of industry practice regarding the determination of the metal prices to be used for the economic evaluation of a mining project. Issues regarding price forecasting are discussed.
Module Learning Outcomes:
Module Description: An examination of industry practice regarding the determination of the metal prices to be used for the economic evaluation of a mining project. Issues regarding price forecasting are discussed.
Module Learning Outcomes:
- Identify various requirements for metal price forecasts.
- Understand the various methods used by industry.
- Describe risks and concerns around price forecasting method.
Module 3.2 - Commodity Prices Case Study
Instructor: Andrew Mitchell
Module Description: Commodity price forecasting with real world example.
Module Learning Outcomes:
Module Description: Commodity price forecasting with real world example.
Module Learning Outcomes:
- To understand the different classifications of commodities
- To understand the supply and demand principles for multiple commodities
- To understand the cost curves for the various mining operations
- To learn how to assess proposed commodity prices
Module 3.3 - Revenue Calculation
Instructor: Lawrence Devon Smith
Module Description: For most projects, the calculation of revenue will involve a series of deductions and costs that significantly impact the net revenue of the project. The module examines these issues and discusses the calculations that are involved.
Module Learning Outcomes:
Module Description: For most projects, the calculation of revenue will involve a series of deductions and costs that significantly impact the net revenue of the project. The module examines these issues and discusses the calculations that are involved.
Module Learning Outcomes:
- To appreciate that the calculation of revenue for a mine can be complex and requires a knowledge of the sales or tolling agreements with the refinery or smelter. To understand the term NSR.
- To be familiar with the basic items in a refinery or smelter contract so that a reasonable estimate of final net revenue can be made.
- To know that a refinery or smelter will retain a specified portion of the metal that is shipped to them as part of their payment.
- To be able to explain terms such as accountable metal, payable metal, TC, RC, penalty elements, and others.
Module 3.4 - Commodity Markets
Instructor: Lawrence Devon Smith
Module Description: Commodity price forecasting origins and applications. How commodity prices are forecast, how they impact mining project valuations, operating decisions (COG, opex vs capex) and the ability to obtain different types of financing.
Module Learning Outcomes:
Module Description: Commodity price forecasting origins and applications. How commodity prices are forecast, how they impact mining project valuations, operating decisions (COG, opex vs capex) and the ability to obtain different types of financing.
Module Learning Outcomes:
- To understand the different classifications of commodities
- To understand the supply and demand principles for multiple commodities
- Understand how commodity prices are set in the market and what the key drivers for price movements and cycles are
- To learn how to assess proposed commodity prices
Module 4.0 - Resource Taxation & Project Structures
Instructor: Leandro Reis
Module Description: Introduction to the taxation of mining operations, including project structuring, with a focus on the Canadian tax regime. Provides a basic understanding of how and why mining companies are taxed, and what types of project structures exist.
Module Learning Outcomes:
Module Description: Introduction to the taxation of mining operations, including project structuring, with a focus on the Canadian tax regime. Provides a basic understanding of how and why mining companies are taxed, and what types of project structures exist.
Module Learning Outcomes:
- Explain key features of a mining tax regime, and in particular the Canadian mining tax regime
- Prepare a high-level tax computation in a cash flow model for a Canadian mine
- Discuss rationale and impacts for different project structures
Module 5.0 - Relationship and Opportunities Agreements
Instructor: Jason Rasevych
Module Description: An overview of best practices to consider when establishing long term relationship agreements (LTRAs) including environmental monitoring, community engagement, financial compensation. This module will focus on Canada, and also consider the global context.
Module Learning Outcomes:
Module Description: An overview of best practices to consider when establishing long term relationship agreements (LTRAs) including environmental monitoring, community engagement, financial compensation. This module will focus on Canada, and also consider the global context.
Module Learning Outcomes:
- To understand the economic components of an IBA
- To understand how to contextualize an IBA
- To understand how to incorporate an IBA into a cash flow model and mine economics
Module 6.0 - Equity Funding
Instructor: Paolo Lostritto
Module Description: Explores equity financing options within the mining industry for funding exploration and development initiatives. Provides an overview of fundraising strategies typically used by junior exploration comanies. Explores issues and impacts with of equity funding.
Module Learning Outcomes:
Module Description: Explores equity financing options within the mining industry for funding exploration and development initiatives. Provides an overview of fundraising strategies typically used by junior exploration comanies. Explores issues and impacts with of equity funding.
Module Learning Outcomes:
- Compare ways by which companies raise equity (hard dollar vs. flow-through; private placement vs. public offerings; bought deals vs. best efforts)
- Describe the participants involved and their roles in equity funding
- Discuss possible rationale for different kinds of equity financing from both the company’s and the investor’s perspectives
- Explain the impact of equity financing on the mining company
Module 7.0 - Debt Funding
Instructor: Warren Flannery
Module Description: Debt funding comprises a base component of an operating company’s debt and liquidity. This module explores debt financing options for development and operating companies and projects within the mining industry.
Module Learning Outcomes:
Module Description: Debt funding comprises a base component of an operating company’s debt and liquidity. This module explores debt financing options for development and operating companies and projects within the mining industry.
Module Learning Outcomes:
- Compare ways in which companies raise debt (corporate loans vs. revolvers vs. project finance vs. corporate bonds)
- Identify the participants involved and their roles in debt funding (including completion tests / non-recourse)
- Provide a possible rationale for different kinds of debt financing from both the company’s and the investor’s perspectives
- Explain the impact of debt financing on the mining company
Module 8.0 - Royalties & Streaming Funding
Instructor: Peter Bures
Module Description: An overview of royalty and stream financing for mining projects/operations. An alternative to equity and debt funding, a streamlined option, not dilutive to existing shareholders or management control.
Module Learning Outcomes:
Module Description: An overview of royalty and stream financing for mining projects/operations. An alternative to equity and debt funding, a streamlined option, not dilutive to existing shareholders or management control.
Module Learning Outcomes:
- Explain what royalties and streams are and their benefits / trade offs
- Describe the key considerations to a mining company (accounting, tax, capital structure impacts)
- Describe the typical financing process
- Outline the rationale for royalty and stream financings from both perspectives (streamer / operator)
Module 9.1 - Risk Assessment & Due Diligence
Instructor: Julia Martin
Module Description: This module reviews the application of the due diligence and risk assessment processes to mining projects. Considerations include identifying, quantifying and communicating risks and their impacts.
Module Learning Outcomes:
Module Description: This module reviews the application of the due diligence and risk assessment processes to mining projects. Considerations include identifying, quantifying and communicating risks and their impacts.
Module Learning Outcomes:
- Describe the scope of a due diligence review and the fields of expertise that may be required
- Demonstrate the impact of quantifiable risks within a cash flow model
- Differentiate qualitative and quantitative risks and identify methods to evaluate and communicate qualitative risks
- Assess and organize risks into a matrix, compare the impact of similar risks for different types of proposed transactions
Module 9.2 - Due Diligence Case Study
Instructor: Lawrence Devon Smith
Module Description: The case study in module 2.2 is based on data taken directly from the NI 43-101 Technical Report. This module examines several aspects of the data from the point of view of reasonableness, as would be done in a Due Diligence review for a corporate acquisition or for a financial institution. Modifications to the data, and their impacts, are examined.
Module Learning Outcomes:
Module Description: The case study in module 2.2 is based on data taken directly from the NI 43-101 Technical Report. This module examines several aspects of the data from the point of view of reasonableness, as would be done in a Due Diligence review for a corporate acquisition or for a financial institution. Modifications to the data, and their impacts, are examined.
Module Learning Outcomes:
- Look critically at data provided by “experts”
- Propose new input values that may be more realistic or appropriate
- Demonstrate the results of your Due Diligence review
Module 10.0 - Valuing Mining Companies
Instructor: Jackie Pryzbylowski
Module Description: Equity investors use publicly available information to determine the value of assets and mining companies. This module introduces the most common valuation techniques and other important factors when considering equity investing.
Module Learning Outcomes:
Module Description: Equity investors use publicly available information to determine the value of assets and mining companies. This module introduces the most common valuation techniques and other important factors when considering equity investing.
Module Learning Outcomes:
- Calculate industry standard valuation metrics and ratios
- Assess how projects, debt and cash can all impact the value of a company
- Interpret valuation ratios historically and across a peer group
- Understand how valuation ratios contribute to a ‘bigger picture’ valuation and investment decision
Questions about the program, enrolment, timetable or pricing? Need guidance on what course is right for your career path?
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