Precious Mettle - Part 4: Performance Focus
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.
Poor Performance + Good Excuse = Poor Performance!
Mine sites can be unforgiving places. We once observed these words written in large red letters on a whiteboard behind the production meeting room table. Uncompromising as this statement is, it demonstrates a very healthy management approach, where personally accountable delivery relies on quality planning and performance monitoring. In short, an ingrained performance focus.
Performance Starts with a Commitment to Quality Planning
The second article in this five-part series, “Planning for success”, outlined our observations on how successful mining CFOs drive integrated financial planning in their business.
We highlighted the importance of timely and well-structured life-of-mine (LOM) planning as the backbone of the integrated approach focused on optimising and delivering the overall corporate goals in the long term. We also outlined how LOM planning influences mid- and shorter-term plans, which are part of the long-term road map but “drill down” into the detail of operational delivery.
In this fourth installment of our Precious mettle series, we look more closely at a critical element of the integrated planning cycle: management’s underlying performance focus, including communication, reporting and management routines.
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