Economic skill is an essential partner to technical skill in every step of the mining process. This book will help effectively direct mining operations through the use of innovative economic strategies. The text covers what is meant by a cost-effective mining scheme, the economics of information, and the procedures for rational evaluation of uncertain projects. It defines 'ore' from an economic perspective and covers the influence of scheduling on ore reserves. The text also covers discounted cash flow techniques, the application of DCF techniques in an operating mine environment, the differences between economic decision-making - a forward-looking activity - and the reporting of results via accounting methods - a backward-looking activity - as well as capital and decision-making procedures associated with capital investments in a risk environment.