Factors Influencing the Economic Results of Quarries

GeoScience Enginee ing Vol. 69 (2023), No. 1 geoscience.cz pp. 46–55, ISSN 1802-5420 DOI 10.35180/gse-2023-0088 FACTORS INFLUENCING THE ECONOMIC RESULTS OF QUARRIES Jakub PITŘÍK VSB – Technical Uni e si y o Os a a, Facul y o Mining and Geology, Depa men o Economics and Con ol Sys ems, Os a a, Czech Republic E-mail: [email p o ec ed] ABSTRACT Human p ospe i y is closely linked o he a ailabili y o aw ma e ial esou ces, among o he hings. Despi e eno mous echnological p og ess, we canno dispense wi h mine al ex ac ion. Since he mining indus y s ill ep esen s a key sec o o socie y, s i ing o keeping ab eas o he bes p ac ices, echnologies, and knowledge a ailable in he ield is c ucial. Benchma king can se e his pu pose, as i is al eady widely used in o he indus ies. Howe e , he ques ion a ises o wha speci ic benchma ks a e key o his ield. The aim o his pape is, he e o e, o highligh c i ical benchma ks ele an o moni o ing and e alua ing mining capaci ies. These ha e been iden i ied by analysing he inancial pe o mance o speci ic mining ope a ions. Keywo ds: Benchma king; Disc iminan analysis, Financial esul ; Qua ying. 1 INTRODUCTION Despi e a numbe o speci ics ypical o mining ac i i ies, mine al ex ac ion ep esen s a classic business p ocess. In e ms o he de ini ion o he en ep eneu ial p ocess, some cha ac e is ics link en ep eneu ship o he pu sui o posi i e change in he wo ld a ound us [1]. Howe e , he as majo i y o in e p e a ions a e associa ed wi h economic gain [2,3]. De ini ions also include concep s such as alue c ea ion, weal h, e u n, ewa d, and p o i ela ed o he p oduc ion o goods o se ices in pa icula p ojec s. The inancial e alua ion o p ojec s ocuses on he comme cial en i onmen in which he objec i e is o in es in a p ojec in such a way ha , when comple ed, i will p oduce alues ha e u n he in es men made and also p oduce esou ces ha can be used o de elop he i m u he [4]. One o he me hods ha can help a company in i s de elopmen is benchma king. Benchma king is unde s ood o be a ool ha has been success ully used since he 1970s. Since hen, his me hod has sp ead no only o he ield o p oduc design and p oduc ion, compu e echnology, and elec onics bu also o he ield o indus y o se ices o e ed, and nowadays, i is one o he key ins umen s o he op and middle managemen o many companies in almos all sec o s [5]. Howe e , when benchma king mining companies, i is necessa y o conside mine al ex ac ion is a complica ed and b oad issue. The managemen o mining companies canno in luence he na u al condi ions o he deposi ha can signi ican ly a ec hei p o i s [6]. We also encoun e many o he a iables when compa ing di e en si es. Cu en ly, he numbe o mining companies ope a ing in he Czech Republic amoun s o 206 (2020). In o al, mo e han 12 ypes o mine als a e mined domes ically. These a e, in pa icula , cons uc ion aw ma e ials, limes one, kaolin, gypsum, oil, na u al gas, ha d coal, ligni e, e c. [7]. Each deposi is speci ic in i s own way and is cha ac e ized by unique geological condi ions o s ockpiles. This logically de ines he ex ac ion me hods and echnologies used, which may also be di e en . In addi ion, he mine al esou ce mined wi hin a gi en deposi de e mines how p o i able he deposi will be. Poli ical decisions, en i onmen al p o ec ion, he s a e o he economy, and o he ex e nal ac o s also a ec he ex ac ion and sales o aw ma e ials. These can ha e a eal impac on he quan i y o p oduc ion and he p ice o he mine al on he ma ke . Fo example, al hough mine al ex ac ion is c ucial o 47 GeoScience Enginee ing Vol. 69 (2023), No. 1 geoscience.cz pp. 46–55, ISSN 1802-5420 DOI 10.35180/gse-2023-0088 he ene gy sec o , i mus mee he equi emen s o he ee ma ke [8]. Ano he ac making i di icul o compa e mining companies wi h each o he is hei size. The e a e deposi s whose mining igh s a e owned by mul i-na ional conce ns bu also by p i a e indi iduals. Al hough Hakim and Naelu a [9], in hei i e-yea s udy on he en e p ise size e ec on company p o i s, concluded ha company size does no always ha e a decisi e in luence on p o i s, indi idual mining si es can be a ec ed by his ac o . Pa icula ly in he case o la ge conce ns, he po olio may include loss-making si es which hey, ne e heless, wan o keep ( he eason o subsidising a loss- making si e may be, o example, he desi e o p oduce a ce ain ange o quali y, he s a egic impo ance o he aw ma e ial o he u u e, e c.). A numbe o si es, he e o e, ope a e wi h nega i e inancial esul s o a long ime. I s p os and cons a e discussed by Ga dne [10] who poin s ou ha de ici managemen is qui e common wi hin na ional go e nmen s, o example, and in some cases, we can see his phenomenon e en in e y success ul companies. Thus, hese ac s may also a ec he compa ison o indi idual deposi s and hei p o i s. I can, subsequen ly, be concluded ha he issue o benchma king mining companies agains each o he is made pa icula ly di icul by he g ea di e si y o mining op ions, me hods, and echnology. Hence, in he con ex o benchma king mining companies, i is c ucial o iden i y which speci ic benchma ks among he as numbe o a iables a e sui able o comp ehensi e moni o ing and compa ison and which would de e mine whe he a gi en mining capaci y will gene a e p o i o loss. Financial pe o mance is pa icula ly use ul o ack and compa e because i has a di ec impac on he su i al o he company [11]. 2 ANALYSIS PROCEDURE 1. Fi s ly, i is necessa y o de ine hypo heses. The i s hypo hesis: The e a e some ac o s sui able o complex moni o ing and compa ison o mining companies. The second hypo hesis: These ac o s a e s a is ically e i iable. 2. Secondly, a da abase o 52 qua ies wi h uni o mly s a ed accoun ing o he pe iod o 2017–2019 was c ea ed ( his pe iod was chosen due o s able economic condi ions). Eu o was used as a cu ency uni in all moni o ed ope a ions. 3. The esul s o ope a ions, de e mined as he di e ence be ween all e enues and expenses in each ope a ion, we e anked in ascending o de . They we e hen so ed in o 4 qua iles. The bo om qua ile Q1 con ained inancial esul s anging om EUR 3 347/yea o EUR 31 943/yea . The uppe qua ile Q4 con ained esul s anging om EUR 226 069/yea o EUR 1 337 687/yea . 4. The epo ed indica o s we e aken om he accoun ing and s a is ical da a o he indi idual qua ies, om which he a e age alues we e hen calcula ed o compa ison o he wo qua iles, bo h in absolu e and ela i e e ms. The p o i and loss and he change in in en o ies we e compa ed in absolu e e ms, while he indi idual indica o s in he ield o e enue and cos s we e measu ed in ela i e e ms, as absolu e alues a e no meaning ul he e, gi en he di e en p oduc ion o he indi idual qua ies. 5. The nex s ep in he p ocedu e was o de e mine he s a is ically signi ican di e ences be ween he alues o indica o s o he qua iles Q1 and Q4 shown in Table 1, by es ing he s a is ical signi icance o he di e ences in he a e age alues o Q1 and Q4 con ained in Table 1. The p opo ions o aw ma e ials ex ac ed in he Q1 and Q4 qua y mix and he p ices o each aw ma e ial a e shown in G aphs 1 o 4. Table 1. A e age indica o alues in qua iles Q1 and Q4 Indica o Q1 Q4 Financial pe o mance (EUR) 9 757 724 634 Mining ( ) 91 202 534 865 Re enue pe p oduc (EUR/ onne) 6.09 6.26 To al sales (EUR/ onne) 7.00 7.12 Change in in en o ies (EUR) 3 546 –23 574 D illing and blas ing (EUR/ ) 0.85 0.62 Diesel, lub ican s, oils (EUR/ onne) 0.34 0.25 Elec ici y (EUR/ onne) 0.17 0.29 48 GeoScience Enginee ing Vol. 69 (2023), No. 1 geoscience.cz pp. 46–55, ISSN 1802-5420 DOI 10.35180/gse-2023-0088 Repai s (EUR/ onne) 0.40 0.56 Subcon ac o cos (EUR/ onne) 0.27 0.90 Labou cos (EUR/ onne) 0.91 0.62 Wages (EUR/ onne) 0,21 0.14 Se ices (EUR/ onne) 0.51 0.26 O e head (EUR/ onne) 0.40 0.36 Machine y cos (EUR/ onne) 0.60 1.85 P ope y cos (EUR/ onne) 0.11 0.21 O he cos s (EUR/ onne) 0.06 0.10 O e bu den (EUR/ ) 0.05 0.00 Win e epai und (EUR/ onne) 0.01 –0.02 Deposi a iable (EUR/ onne) 0.01 0.10 Insu ance, axes (EUR/ onne) 0.06 0.13 Ma e ial es s (EUR/ ) 0.10 0.06 Reclama ion und (EUR/ onne) –0.01 0.03 Deposi ixed (EUR/ onne) 0.01 0.10 Sha e o p oduc sales in o al sales 0.905 0.922 Figu e 1. P oduc ange o Q4 qua ies 15.1 29.5 0 11.5 35.5 5.4 0.05 2.9 0 5 10 15 20 25 30 35 40 sand coa se sand g a el, c ushed s one g a el g anula ed mix u es qua y s one s one dus o he p oduc s P opo ion in he p oduc ange [%] P oduc ange i ems P oduc ange o Q4 qua ies 49 GeoScience Enginee ing Vol. 69 (2023), No. 1 geoscience.cz pp. 46–55, ISSN 1802-5420 DOI 10.35180/gse-2023-0088 Figu e 2. A e age p ices o Q4 p oduc s Figu e 3. P oduc ange o Q1 qua ies 3.72 9.29 0 7.87 4.81 5.43 4.25 1.79 0 1 2 3 4 5 6 7 8 9 10 sand coa se sand g a el, c ushed s one g a el g anula ed mix u es qua y s one s one dus o he p oduc s A e age p ice [Eu / ] P oduc ange i ems A e age p ices o Q4 qua y p oduc s 6.1 17.4 0.02 22.7 46.5 2.4 2.0 2.9 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 40,0 45,0 50,0 sand coa se sand g a el, c ushed s one g a el g anula ed mix u es qua y s one s one dus o he p oduc s P opo ion in he p oduc ange [%] P oduc ange i ems P oduc ange o Q1 qua ies 50 GeoScience Enginee ing Vol. 69 (2023), No. 1 geoscience.cz pp. 46–55, ISSN 1802-5420 DOI 10.35180/gse-2023-0088 Figu e 3. A e age p ices o Q1 qua y p oduc s In conclusion, he ollowing i ems can be conside ed as indica o s showing s a is ically signi ican di e ences be ween he qua ies included in qua iles Q1 and Q4: 1. sales o g anula ed mix u es pe 1 onne o p oduc ion 2. machine y cos pe 1 onne o p oduc ion 3. d illing and blas ing cos s pe 1 onne o p oduc ion 4. subcon ac o cos pe 1 onne o p oduc ion 5. elec ici y cos pe 1 onne o p oduc ion 6. cos o diesel, lub ican s, and oils pe 1 onne o p oduc ion Uni cos s and uni p ices a e included in Table 2 below. Table 2. A e age alues in Q1 and Q4 sou ce Indica o A e age alue in Q1 A e age alue in Q4 p ice o g anula ed mix u e/ 5.92 4.81 machine y cos / 1.72 0.60 d illing and blas ing/ 0.84 0.63 subcon ac o cos / 0.25 0.83 elec ici y cos / 0.15 0.29 cos o diesel, lub ican s, and oils/ 0.33 0.24 Based on hese indica o s, he qua ies we e di ided in o wo g oups, namely qua ies wi h poo and s ong inancial pe o mance. Fo his pu pose, a disc iminan analysis was applied. The p ocedu e o conduc ing he disc iminan analysis is gi en by Hindls [12]. Ramayah [13] also p o ides an illus a ed p ocedu e on his issue. 4.38 9.18 8.70 7.20 5.92 6.39 5.31 3.29 0,00 1,00 2,00 3,00 4,00 5,00 6,00 7,00 8,00 9,00 10,00 sand coa se sand g a el, c ushed s one g a el g anula ed mix u es qua y s one s one dus o he p oduc s A e age p ice [Eu / ] P oduc ange i ems A e age p ices o Q1 qua y p oduc s 51 GeoScience Enginee ing Vol. 69 (2023), No. 1 geoscience.cz pp. 46–55, ISSN 1802-5420 DOI 10.35180/gse-2023-0088 A linea disc iminan analysis was applied o he se o qua ies in o de o di ide hem in o wo g oups acco ding o he esul o he inancial pe o mance. Each qua y was cha ac e ized using he a ios om Table 3. The di e en classes we e deno ed as Q1 and Q4, whe eby: • Class Q1: qua ies wi h a inancial esul less han o equal o he lowe qua ile. • Class Q4: qua ies wi h a inancial esul g ea e han o equal o he uppe qua ile. In o de o di ide hese g oups, i was necessa y o ind a linea disc iminan unc ion by which he ac u es could be so ed. The classi ica ion o indi idual ac u es in o g oups Q4 and Q1 is based on he alue o he linea disc iminan unc ion o he pa icula ac u e. I his alue is g ea e han C, he ac u e can be assigned o g oup Q4. I he alue o he linea disc iminan unc ion is less han C, he ac u e is assigned o g oup Q1. In he case o he analysed company, he e we e 13 qua ies in each Q1 and Q4 class. The alue o he op imum h eshold poin was de e mined as C=–5.322. Conside ing he alue o he op imal h eshold poin , he alue o he linea disc iminan unc ion mus be g ea e han –5.322 o a pa icula qua y o be classi ied in class Q4 (i.e., wi h he highes alues o he inancial pe o mance). Fo his le el o be ans o med, conside ing speci ic coe icien s, he linea disc iminan unc ion mus be: • as low as possible: o alues o d illing and blas ing cos s pe onne, o machine y cos pe onne, o subcon ac o cos pe onne, o cos o diesel, lub ican s, and oils pe onne. Since he coe icien s o he linea disc iminan unc ion o hese a ios a e nega i e and educe he alue o he disc iminan unc ion, o be classi ied as Q4 hey mus also be: • as high as possible: o p ice alues pe onne o g anula ed mix u es, o alues o elec ici y cos pe onne as he coe icien s o he linea disc iminan unc ion o hese a ios a e posi i e and inc ease he alue o he linea disc iminan unc ion. Howe e , his conside a ion was pu ely ma hema ical. 2.1 Disc iminan analysis esul s The se o qua ies showing he bes inancial esul s (Q4) and, a he same ime, he qua ies wi h he wo s (bu posi i e) esul s (Q1) was combined and di ided in o wo g oups acco ding o he amoun o inancial pe o mance. These g oups we e again labelled Q1 and Q4. The a iables men ioned abo e we e used as p opo ional indica o s cha ac e ising he indi idual qua ies, i.e., disc imina o s: • X1 – a e age d illing and blas ing cos s pe onne o p oduc ion, • X2 – a e age machine y cos pe onne o p oduc ion, • X3 – a e age p ice o 1 onne o g anula ed mix u es, • X4 – a e age subcon ac o cos pe onne o p oduc ion, • X5 – a e age cos o elec ici y pe onne o p oduc ion, • X6 – a e age cos o diesel, lub ican s, and oils pe onne o p oduc ion. The esul compa ison o he qua ies di ision and he o iginal wo se s led o he ollowing ou comes in e ms o inclusion success: Table 3. Success ul and ailed classi ica ion G oup o qua ies Success ul classi ica ion Failed classi ica ion Q1 84.62 % 15.38 % Q4 92.31 % 7.69 % 52 GeoScience Enginee ing Vol. 69 (2023), No. 1 geoscience.cz pp. 46–55, ISSN 1802-5420 DOI 10.35180/gse-2023-0088 Table 3 shows ha he success a e o he qua ies classi ica ion in e ms o he achie ed inancial ou comes anged om app oxima ely 85 o 92 %. I can he e o e be concluded ha he six disc imina o s can be used o classi y qua ies ega ding he accomplished inancial esul alues. Based on his ac , i can be concluded ha he i s and second hypo heses can be e i ied. 2.2 Qua y so ing pa ame e s The analysed company owns a numbe o qua ies which a e classi ied based on hei inancial pe o mance, p oduc ion capaci y, equipmen , and eal p oduc ion le els in o ca ego ies 1, 2, 3, and 4. The qua ies in ca ego y 1 a e conside ed he ‘ca ie ’ qua ies o he mining company, ca ego y 2 pe o ms wo se, and ca ego y 3 shows he wo s inancial pe o mance and is also he leas impo an o he analysed company. Ca ego y 4 comp ises empo a ily idle qua ies. Ca ego y 1 includes he la ges qua ies wi h su icien ese es, no con lic s o in e es o be esol ed, qua ies wi h quali y ex ac ed ock in e ms o echnological pa ame e s and usabili y, and a s a iona y echnology powe ed by elec ici y. They a e no loca ed close o se lemen s ha would limi he ex en o blas ing o lead o he need o dus disposal and ha e accessible anspo in as uc u e. In many cases, hey ha e he ad an age o close p oximi y o la ge-scale de elopmen s (e.g., anspo in as uc u e), which s abilises la ge supplies o mined ma e ial o longe pe iods. Ca ego y 3 con ains small qua ies wi h lowe p oduc ion, employing usually obsole e po able diesel-powe ed p oduc ion lines. They a e close o popula ion cen es, which limi s bo h he scale o blas ing and he anspo a ion op ions de e mined by he EIA (En i onmen al Impac Assessmen ). The sales do no co e he ull ange o he p oduc po olio, a e di ec ed o sho e dis ances, and do no ha e he ad an age o la ge de elopmen s in close p oximi y. I o en p oduces g anula mix u es o 0–63 mm, whe e he quali y equi emen s a e no high, and which la ge qua ies dispose o e en a below cos in o de o ee up s ock a eas and no o ha e o s o e hem. In his con ex , he ques ion a ises as o why he analysed company holds ca ego y 3 qua ies in i s po olio: • Wi h he cu en a i ude o he public, ac i is s, and en i onmen al au ho i ies, i is ex emely di icul o expand mining capaci y, le alone open a comple ely new mining ope a ion ha could be included in a mo e p o i able ca ego y and be mo e cos -e ec i e, easie , and mo e p o i able o ope a e. Classi ica ion is no pe manen and, in some espec s, a change in ex e nal condi ions may cause a qua y o be eclassi ied, depending on he na ow p o iles o he qua y. The bo lenecks ha limi he size o he qua y, i s p oduc ion, and sales can be ca ego ised as ollows: • Mining: in en o y, quali y, s o age, he olume o he o e bu den • P oduc ion: ype o p ocess line, i s age, loca ion (posi ion) • Sales: demand in p oximi y, p esence o la ge buildings • Economic: selling p ices, cos s The espec i e limi a ion hen de e mines he size o sales, p oduc ion, and inancial pe o mance. In many cases, he bo leneck esul s om na u al condi ions and is in a iable. Sales and inancial ac o s may change o e ime and hus con ibu e o a shi o ca ego y 1 (e.g., highe sales when a majo cons uc ion p ojec is s a ed in p oximi y o he qua y), bu also ice e sa (lowe sales due o he comple ion o a majo cons uc ion p ojec , lowe sales due o lowe p oduc ion caused by a lack o in en o y o he ex ac ed aw ma e ial). F om his poin o iew, we can hen e alua e he a ios (disc iminan s) which showed s a is ically signi ican di e ences in hei mean alues in he Q1 and Q4 g oups: A e age d illing and blas ing cos s pe onne: smalle qua ies (Q1 ca ego y) epo highe ixed cos s associa ed wi h he anspo and ins alla ion o d illing and blas ing equipmen , as hese ac i i ies ha e o be ca ied ou mo e equen ly due o he pe mi ed ex en o blas ing (p oximi y o he illage). Seconda y disconnec ion o en has o be implemen ed. The lowe p oduc ion hen inc eases he p opo ion o ixed cos s pe onne o p oduc ion. 53 GeoScience Enginee ing Vol. 69 (2023), No. 1 geoscience.cz pp. 46–55, ISSN 1802-5420 DOI 10.35180/gse-2023-0088 A e age cos o machine y pe onne: his is mainly dep ecia ion in he o m o in e nal leases o machine y and an in e es a e o hal he cos o he machine o e he dep ecia ion calcula ion pe iod. These a e he e o e ixed cos s which, when di ided by he low p oduc ion olume, lead o highe qua y alues in he Q1 ca ego y compa ed o he Q4 g oup. A e age p ice pe 1 onne o g anula ed mix u es: p oduc po olio includes: • ine agg ega es: he mos sui able p oduc , includes he 4/8 ac ion (agg ega e g ains om 4 o 8 mm), he 8/11; 8/16; 2/4; 11/22;11/16 ac ions, up o 4 mm so-called sand, abo e 4 mm coa se sand. Fine agg ega es equi e he mos s ingen quali y measu es. • agg ega e mix u es: comp ise g ains om 0 o a ce ain limi , e.g., 32 o 63 mm, used as ma e ial o oad bodies, embankmen s, e c. G anula ed mix u es 0/63 p esen lowe quali y equi emen s, p oduced by qua ies in ca ego y Q1. • ailway sands and g a els: hese a e ac ions 16/32 and 32/63 wi h highe quali y equi emen s • o he p oduc s: e.g., qua y s one o s eng hening i e beds, building gabion walls, e c. G anula mixes a e o en p oduced om o e bu den by qua ies in he Q4 g oup, usually in la ge olumes. They ake up s o age space, and qua ies y o sell hem a o e en below cos o gain access o he highe -quali y pa s o he deposi . They do no pose such a p oblem o he smalle qua ies in he Q4 g oup, hus achie ing highe p ices. A e age cos pe subcon ac o : his is he cos o elemen a y echnological anspo and qua y cleaning. Cos s associa ed wi h d illing and blas ing a e shown sepa a ely. Some o he subcon ac o cos s a e ixed ( anspo , o e heads). A e age elec ici y cos s pe onne: linked o he p opulsion o he s a iona y p ocess lines ha a e ins alled a he qua ies in he Q4 g oup. A e age cos o diesel, lub ican s, and oils pe onne: ela ed o he p opulsion o he po able p ocess lines ins alled a he qua ies in he Q1 g oup. 2.3 Disc iminan analysis conclusion Benchma king should basically show wha goal a pa icula company should accomplish o mo e om i s posi ion owa d he bes in he indus y. In his case, he ques ion can be asked wha esul a speci ic qua y should achie e o mo e om he Q1 o he Q4 g oup. F om a pu ely ma hema ical poin o iew, placing a qua y in a highe g oup equi es aising he alue o he disc iminan unc ion abo e he op imal h eshold. Wi h espec o he linea disc iminan unc ion equa ion, his means ha he disc imina o alues o he coe icien s wi h a posi i e sign should be maximized and he disc imina o alues o he coe icien s wi h a nega i e sign minimized o inc ease he alue o he linea disc iminan unc ion o a pa icula mining ope a ion. This means ha o ans e he qua y om Q1 upwa ds, he alues o he disc imina o s should be changed as ollows: • Reduce: o Uni d illing and blas ing cos s o Uni machine y cos o Uni subcon ac o cos o Uni cos s o diesel, lub ican s, and oils • Inc ease: o P ice pe uni o g anula ed mix u es o Uni elec ici y cos App oaching his ma e ial equi emen om a subs an i e poin o iew, we can s a e: • The uni d illing and blas ing cos s can be educed by inc eased p oduc ion o dissol e he ixed cos s associa ed wi h d illing and blas ing. • The uni machine y cos can only be dec eased by a p oduc ion add-on o dissol e hese ixed cos s. • The uni subcon ac o cos can be cu down by inc eased p oduc ion o dissol e ixed cos i ems. 54 GeoScience Enginee ing Vol. 69 (2023), No. 1 geoscience.cz pp. 46–55, ISSN 1802-5420 DOI 10.35180/gse-2023-0088 • In gene al, he cos s o diesel, lub ican s, and oils canno be educed as hey p esen a iable cos s associa ed wi h po able p ocess lines. Con e ing o s a iona y elec ically d i en p ocess lines would inc ease he cos o machine y d ama ically. • I is e y di icul o inc ease he p ices o g anula ed mix u es because i is an o e supplied and no e y high-quali y p oduc . • The uni elec ici y cos also canno be subs an ially educed, as i is no possible o eplace he diesel- powe ed po able lines wi h he s a iona y elec ici y lines ha a e a he Q4 qua ies. F om a subs an i e poin o iew, he qua ies in he Q1 g oup ha e a na ow sales p o ile – an inc ease in demand and a co esponding inc ease in p oduc ion. Howe e , a qua y can ba ely in luence his ex e nal ac o . The qua y can a he moni o cons uc ion in en ions a ound a pa icula si e and ensu e a supply ha will lead o an inc ease in p oduc ion. Ne e heless, one mus also assume ha he cons ain s o he EIA (En i onmen al Impac Assessmen ) and local go e nmen will be esol ed. The mix o e y success ul, a e age, and unsuccess ul qua ies will he e o e emain in he u u e, al hough possible shi s be ween g oups and ca ego ies can be en isaged. CONCLUSION The pape iden i ies benchma ks ha a e sui able o he comp ehensi e moni o ing and e alua ion o mining companies wi h espec o hei inancial pe o mance. Fo his pu pose, a disc iminan analysis (using da a p o ided by an anonymised mining company) was conduc ed and e alua ed. The analysis shows ha he key benchma ks o his ield comp ise uni d illing and blas ing cos s, uni machine y cos , uni subcon ac o cos , uni cos s o diesel, lub ican s, and oils, uni cos s o g anula ed mix u es, and uni elec ici y cos s. A he same ime, i was ound ha he mining ope a ions ha pe o med be e had lowe uni d illing and blas ing cos s, uni machine y cos , uni subcon ac o cos , uni cos s o diesel, lub ican s, and oils, and, con e sely, highe uni cos s o g anula ed mix u es and uni elec ici y cos s. Thus, he s udy shows ha a qua y wi h s ong inancial pe o mance exhibi s he ollowing ea u es. Gi en he complexi y o he issue o benchma king mining companies, i is no possible o de i e a single ecommenda ion ha can ensu e qua y success, as many ac o s canno be con olled. These a e mainly he na u al pa ame e s o he deposi , he ma ke p ice o he ex ac ed aw ma e ial, he in en o y size, anspo in as uc u e, e c. I is also impossible o de ine exac ly wha alue should be gi en o he benchma k speci ied in he analysis as c ucial, because each qua y is di e en , hei compa ison is oo complica ed, and any ecommended alue would, he e o e, only be sui able o an ex emely small g oup o qua ies wi h exac ly same condi ions (which is un hinkable in p ac ice). Ne e heless, i is easible o de e mine whe he o inc ease o dec ease he a o emen ioned benchma ks. REFERENCES [1] VILLACI, J. Wha is he De ini ion o En ep eneu ship? Babson Though & Ac ion [online]. 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