Precious Mettle - Part 1: Culture
The Value of High-Grade Mining CFOs
Our five-part blog series, Precious Mettle – The value of high-grade mining CFOs, looks at the qualities proactive mining CFOs deploy to drive greater business returns. This series shares observations from more than 75 years’ combined experience in senior mining finance roles, across multiple commodities, by Andrew Bantock, Steven Michael and Martin Nicholson of FTI Consulting’s Australian Mining Advisory Practice.
Whilst operating scale, risk profiles, financing arrangements, corporate structures and regulatory challenges vary across the mining industry, some things are common to the most successful businesses. In the critical area of financial leadership, five key qualities distinguish the best mining CFOs, driving stakeholder returns:
- Culture: They lead a commercial, operationally aware culture which sees the Finance team valued across the business, including in areas such as operations planning, capital allocation and strategic decision making;
- Planning for success: They champion an integrated, pragmatic approach to Life-of-Mine planning, optimisation, and risk management;
- Smart capital strategy: Their capital strategies align the inherent risk and return profile of the business, with the flexibility to accommodate commodity price cycles and orebody variability;
- Performance focus: They drive progressive short-term planning and reporting routines, ultimately aligned to delivery of the Life-of-Mine Plan, which keep everyone informed of business performance, in real-time; and
- Continuous improvement: They inspire in their team and their operational colleagues an energetic mind-set, focused on repeated incremental enhancement of mining and processing performance, as well as bettering the cost structure and risk profile of the business.
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February 11, 2022
Senior Managing Director, Co-Leader of Australia Mining and Mining Services