Mineral Economics and Business

By Prof. Bibhuti Bhusan Mandal, Prof. Shantanu Kumar Patel | IIT Kharagpur

Learners enrolled: 255 | Exam registration: 7

ABOUT THE COURSE:

Mineral Economics and Business combines the study of economic principles with the mining industry. It involves understanding how minerals and other natural resources impact economies, businesses, and markets. In this course, the participants will learn how mineral resources are managed, traded, and regulated, and their impact on global and local economies. One will gain insights into market dynamics, financial modeling, and the sustainable practices necessary for responsible resource management. Through case studies and real-world applications, they will develop the skills to analyze investment opportunities and navigate the complex landscape of mineral economics. Prepare to engage with cutting- edge industry trends and contribute to innovative solutions in the field.

INTENDED AUDIENCE: Students of Mining Engineering and Geo-sciences

PREREQUISITES: Compulsory: Introduction to mining engineering, Desirable: Underground coal Mining, Underground Metal Mining, Surface Mining

INDUSTRY SUPPORT: All Public and Private Sector Mining Companies

Summary

Course Status :	Ongoing
Course Type :	Core
Language for course content :	English
Duration :	12 weeks
Category :	Metallurgy and Material science & Mining Engineering Managerial Economics
Credit Points :	3
Level :	Undergraduate
Start Date :	20 Jan 2025
End Date :	11 Apr 2025
Enrollment Ends :	03 Feb 2025
Exam Registration Ends :	28 Feb 2025
Exam Date :	04 May 2025 IST

Note: This exam date is subject to change based on seat availability. You can check final exam date on your hall ticket.

Page Visits

Course layout

Week 1: Mineral industry: Public and Private Entrepreneurship;
Organization of mining enterprises;
Mineral resources and reserves, Mineral resource estimation techniques;

Week 2: United Nations Framework Classification for Resources(UNFC) and JORC classification,
Economic minerals, Critical minerals in the development of nation;

Week 3: Techno-economic feasibility studies;
Cut-off grade, dilution and recovery, mineral conservation and development;

Week 4: Time value of money,

Week 5: Determining appropriate discount rate;

Week 6: Consumer price index, Effects and inflation, Real and nominal interest rates;

Week 7: Discounted cash-flow concept, Net present value and Internal Rate of Return (IRR),

Week 8: Cost-accounting in mining operations, Cost-volume-profit analysis, Depreciation and Amortization;

Week 9: Introduction to mining finance, non-banking mine finances and stock operations; Quantification and management of mining investment risk.

Week 10: Coal grade and pricing, Average Sale Price (ASP) fixing for metalliferous ores
Mining lease, Mineral auction, Cost of mine closure;

Week 11: Taxation system applied to the mining industry, National Mineral Policy;

Week 12: Introduction to mineral trade and business management.

Books and references

1. Gentry D.W., O’Neil T.J. (1984). Mine Investment Analysis. Society for Mining Metallurgy & Exploration, Englewood, CO (USA).

2. Ray S. C., Sinha I. N. (2016). Mine and Mineral Economics, PHI Learning.

3. Runge I. C. (1998). Mining Economics and strategy. Society for Mining Metallurgy & Exploration, Englewood,CO (USA).

4. Michael S. (2019). Mining Capital, Springer Nature,Switzerland AG.

5. Marian R., Wårell L. (2021). A Handbook of Primary Commodities In The Global Economy, Cambridge University Press.

6. Prasanna C. (2019). Financial Management: Theory and Practice (10th Edition), McGraw Hill Education (India).

Instructor bio

Prof. Bibhuti Bhusan Mandal

IIT Kharagpur

Bibhuti Bhusan Mandal is an Associate Professor in the Department of Mining Engineering, Indian Institute of Technology, Kharagpur, India. He holds a Bachelor‚Äôs Degree in Mining Engineering, M. Tech (Mining Engineering) and Ph.D. (ESE). He also holds the Mine Manager‚Äôs First Class Certificate of Competency issued by the Directorate General of Mines Safety. Dr. Mandal has 22 years of experience in underground mechanized metal mining. Prior to joining I. I. T. KGP, Dr. Mandal worked in Hindustan Copper Limited (HCL/ICC) as Manager (Mines) and in Sikkim Mining Corporation as Deputy General Manager (Tech) and also as Deputy Director in the National Institute of Miners‚Äô Health, Nagpur (under Ministry of Mines, GoI) conducting and coordinating research on environmental and occupational health of mining community. In India, he has conducted pioneering research on equipment induced human vibration and widely published his research on noise and vibration. He currently teaches underground metal mining and Economics of mining enterprises at IIT Kharagpur.

Prof. Shantanu Kumar Patel

Prof. Shantanu Kumar Patel is an Assistant Professor in theDepartment of Mining Engineering, Indian Institute of Technology, Kharagpur (IIT Kharagpur).Dr. Patel has a PhD degree from the Department of Civil & Environmental Engineering and the School of Mining & Petroleum Engineering, University of Alberta, Canada. His PhD work resulted in the prestigious 2019 Dr. N.G.W. Cook Ph.D. Dissertation Award at ARMA, New York. Each year this award is presented to an outstanding doctoral dissertation in rock mechanics or rock engineering. Dr. Patel has more than four years of consulting experience in rock mechanics/rock engineering and soil mechanics (SMEC Australia, Geoconsult Austria). His main focus areas were tunnelling/underground mining and slope stability/open pit mining. He has additional experience in nuclear waste isolation, underground storage caverns, ground support, site characterization, foundation engineering, etc. In addition, Dr. Patel has extensive expertise in the application of numerical modelling techniques to practical mining and civil geotechnical problems. Dr. Patel teaches Rock Mechanics, Underground Metal Mining and Mineral Economics & Business at IIT Kharagpur.

Course certificate

The course is free to enroll and learn from. But if you want a certificate, you have to register and write the proctored exam conducted by us in person at any of the designated exam centres.

The exam is optional for a fee of Rs 1000/- (Rupees one thousand only).

Date and Time of Exams: May 4, 2025 Morning session 9am to 12 noon; Afternoon Session 2pm to 5pm.

Registration url: Announcements will be made when the registration form is open for registrations.

The online registration form has to be filled and the certification exam fee needs to be paid. More details will be made available when the exam registration form is published. If there are any changes, it will be mentioned then.

Please check the form for more details on the cities where the exams will be held, the conditions you agree to when you fill the form etc.

CRITERIA TO GET A CERTIFICATE

Average assignment score = 25% of average of best 8 assignments out of the total 12 assignments given in the course.
Exam score = 75% of the proctored certification exam score out of 100

Final score = Average assignment score + Exam score

Please note that assignments encompass all types (including quizzes, programming tasks, and essay submissions) available in the specific week.

YOU WILL BE ELIGIBLE FOR A CERTIFICATE ONLY IF AVERAGE ASSIGNMENT SCORE >=10/25 AND EXAM SCORE >= 30/75. If one of the 2 criteria is not met, you will not get the certificate even if the Final score >= 40/100.

Certificate will have your name, photograph and the score in the final exam with the breakup.It will have the logos of NPTEL and IIT Kharagpur .It will be e-verifiable at nptel.ac.in/noc.

Only the e-certificate will be made available. Hard copies will not be dispatched.

Once again, thanks for your interest in our online courses and certification. Happy learning.

- NPTEL team