How Does a Mining Company Survive when Prices are Low?
- Control Quality so as to receive a premium (higher price) for a better-than-average product
- Focus on Lowering Costs:
- Invest in new equipment that will produce at lower cost
- Reorganizing/reducing the work force
- Restructuring the way work gets done to eliminate tasks that do not add value to the mining process
- Finding ways to buy supplies needed for mining for less
- Tracking costs in various ways to identify high cost areas so that those costs can be reduced.
- Training employees in new skills to make work more efficient.