Canadian Institute of Mining, Metallurgy and Petroleum (CIM)

Mining Financial Modeling Short Course

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This course focuses on the skills required to design and create a dynamic financial model of a mining project. Issues related to mining, milling and processing will be discussed. The course material includes model design, logic, construction and financial concepts to create a best-in-class financial model of a mining project. Various intermediate Excel tools along with helpful keyboard shortcuts will also be covered throughout the course.

TOPICS INCLUDE

  • Design and structure of a financial model
    • Logical design and layout
    • Clearly-defined inputs and assumptions sections
  • Development of powerful scenarios and cash flow projections
    • Use of switches to create effective scenarios and value drivers
    • Forecasting of project revenues and expenses
    • Commodity pricing, including hedging
    • Variable and fixed operating costs, including mining, milling and treatment and refining charges
    • Development and maintenance capital costs; reclamation and closure costs
    • Resource tax (includes regional resource tax rules)
  • Evaluation of a mining project
    • NPV, Unleverd Free Cash Flow (UFCF)
    • Sensitivity analysis
    • Detailed summary page for displaying results

LEARNING OUTCOMES
Participants design and create a financial model of a mining project. Participants leave the course with a dynamic model which evaluates the net present value and unleverd free cash flow of the project. 

INSTRUCTOR
Duncan McKeen, CFA - Principal, The Marquee Group

INSTRUCTOR BIO
Duncan has taught finance courses at the Queen’s University School of Business, and has extensive experience in equity research where he focused on the resource sector. Prior to joining the financial community, Duncan worked with Ingersoll-Rand. He received his Master of Finance degree from the Queen’s University School of Business and a Bachelor of Engineering degree from McGill University. He is also a CFA charterholder. The Marquee Group has developed a framework and discipline for model design, structure and development. Marquee has provided training to professionals at financial institutions, corporations, professional organizations and universities since 2002.

WHO SHOULD ATTEND
This course is suited to mining company employees, capital market participants and others involved in analysis and evaluation of mining assets, and who aim to develop their modeling skills for mining projects.

SPECIAL INSTRUCTIONS:
Participants should have a working knowledge of Excel and mining projects.
A laptop with any version of Excel is required for this course.

CPD/CE CREDITS, PD HOURS: The Association of Professional Geoscientists of Ontario (APGO) considers participation of its members in this course as an acceptable Continuing Professional Development activity. Eligible for CFA & CPA professional development hours

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