The earths natural resources are used to make products that we all use. These products impact almost all human endeavors including farming, construction, heavy industry, the arts and are essential for everyday life and for improving the well being of people everywhere. From farm implements to housing products, vehicles, electrical communications, computers – almost everything we produce depends in some way on mining even jewellry and cosmetics. Over the centuries the easily available resources of metals and minerals have been mined and used. Today finding and providing new supplies is a long, complex and expensive task, achieved through exploration and mining.
Exploration is a necessary part of the mining industry. It is the only way that new sources of minerals can be found. It is also a process that rarely results in the construction of a new mine, owing to the extremely low odds of finding a deposit that is both economically viable and able to be mined in an environmentally sound and socially responsible manner.
Kennecott Exploration considers three factors when exploring for new mining possibilities:
- Economic Viability
- Environmental Sensitivity
- Social Responsibility
Phase 1: Potential Assessment
This process takes many weeks and costs thousands of dollars
Phase 2: Target Identification
Takes months and costs tens of thousands of dollars
Rejection rate 90%
Success rate 10%
Phase 3: Target Testing
Takes many months costing hundreds of thousands of dollars
Rejection rate 90%
Success Rate 10%
Phase 4: Evaluation
Process may take several years costing millions of dollars
Rejection rate 90%
Success rate 10%
Phase 5: Mine Development and Production
Process may take several years costing hundreds of millions of dollars.