The AusIMM is providing guidance for best practice economic evaluation and self taught materials to support this. A good deal!! 

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Project managers and metallurgical plant operators accept poor quality evaluations because they are generally unaware of what they should expect.

To provide guidance, the AusIMM established a subcommittee of practitioners that collated evaluation systems and procedures regarded as best practice. This has been developed into a free website for the greater mining industry: http://economicevaluation.com.au/. It offers a range of modules and worked examples that describe in plain language, the step-by-step sequence of conducting an economic evaluation.

These practices apply directly to projects and metallurgical plant evaluation, including those with a heavy technical basis. They can be applied to technical problem solving where there are no monetary computations.

Project managers and metallurgical plant operators should demand that economic models and evaluations follow six key principles. The key principles one should adhere to when performing spreadsheet modeling are simple but extremely effective.

• easy to understand (follow) – it may not be simple but anyone in the team should be able to follow it like a school textbook
• fit for purpose in that detail matches importance – begin as simply as possible and add complexity only when warranted
• rigorous, disciplined, transparent and intuitive – trust what you see
• graphs – to find errors and to give quick visual understanding
• fully documented – readily see where every piece of data was sourced
• rapid to audit – both the mechanical computations and the results